Square and PayPal Price Targets Up on Faster E-Payment Adoption

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www.thestreet.com/investing/square-paypal-get-price-target-hikes-from-deutsche-bank

The analyst said the survey highlighted “the increased secular shift to online payments and higher engagement with fintechs,” particularly PayPal and Venmo, PayPal’s mobile payment service, as well as better penetration and adoption of digital financial services for Square’s Cash App.

“We see fintechs expanding further into traditional financial services, taking share from incumbent banking models, and moving up the sales funnel to become commerce enablers where about 60% of survey participants are interested in PYPL and SQ as a future commerce platform,” Keane said.

Meanwhile BTIG’s Palmer, who also has a buy rating on Square, said the “extraordinary” growth of Square’s Cash App during the pandemic has demonstrated its relevance to large groups whose underserved needs only increased during the crisis.

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