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PayPal keen to expand business in India
Posted On Jul 23 2015
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Analysts at RBC Capital Markets initiated coverage on PayPal today with a bullish rating.
Founded in 1998, PayPal has also acquired several firms in recent years, such as mobile remittance platform Xoom, which will allow it to expand its capabilities in money transfers for migrant workers. They set an “underweight” rating and a $30.00 price target on the stock. They set an outperform rating and a $45.00 price target on the stock.
PayPal Holdings Inc., one of the world’s largest internet payment companies established in 1998, has increased its shares value amid the growing digitization of money. Analysts at Evercore ISI initiated coverage on shares of Paypal Holdings in a research note on Monday. Analysts at BTIG Research initiated coverage on shares of Paypal Holdings in a research note on Tuesday.
JPMorgan Chase & Co. began coverage on shares of Paypal Holdings (NASDAQ:PYPL) in a report issued on Monday, MarketBeat.com reports. They set a buy rating and a $45.00 price target on the stock. The 12-month consensus target price for the stock is $44.17, which reflects an upside potential of 10.34% over the current price. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and sixteen have issued a buy rating to the company’s stock. Its fifty two week range was $33.98-$42.55.
PayPal Holdings, Inc. (NASDAQ:PYPLV) is a technology platform company, which enables digital and mobile payments on behalf of consumers and merchants around the world. While there had been strong hints before that the company was moving into this area – such as its deal with partnership with Tyro in Australia, which effectively enabled PayPal mPayments with 14,000 merchants in the country – this is the clearest indication yet of where PayPal is taking aim.
The company, which has a market cap of $49 billion, was brought by eBay for $1.5 billion in 2002.
More than a quarter of PayPal’s total transactions are done over mobile devices, with Venmo becoming the go-to peer-to-peer payment app for U.S. millennials.
Addressing the media, Anupam Pahuja, General Manager (Technology), PayPal Asia Pacific, said being only a payment company will provide it opportunities to partner with other organisations for expansion.
