$98,014.00
-1.11%$3,429.71
3.78%$255.56
0.01%$656.37
4.48%$1.49
2.60%$0.432728
7.09%$1.00
-0.02%$1.069
8.49%$3,428.03
3.54%$0.21246
4.15%$42.00
2.70%$6.33
15.26%$0.00002596
3.48%$0.500601
46.81%$4,058.10
3.86%$97,778.00
-1.12%$8.65
34.75%$17.61
12.25%$506.38
3.39%$3,429.87
3.86%$3.47
-0.26%$0.00002068
1.40%$8.62
1.34%$6.22
7.61%$99.32
9.53%$12.77
4.66%$10.78
13.94%$3,598.57
3.50%$0.151739
1.62%$0.202534
6.38%$11.42
6.31%$0.998867
0.51%$0.575533
18.65%$29.85
6.49%$7.82
6.51%$0.15507
2.17%$523.63
5.17%$1.003
0.08%$1.44
15.12%$0.00004821
-2.56%$0.876157
11.37%$24.78
0.50%$0.04190885
23.37%$3.74
-2.33%$5.58
14.35%$3.30
4.02%$8.28
12.49%$7.40
34.43%$2.06
5.21%$51.35
10.78%$161.91
1.14%$0.88192
3.66%$2.24
3.81%$27.83
10.33%$1.59
13.65%$174.90
5.55%$0.884549
22.47%$0.00024865
0.16%$0.290602
16.53%$0.240534
3.71%$0.530959
10.36%$0.999647
-0.10%$1.57
5.16%$3,409.05
3.32%$1.89
9.86%$5.58
5.02%$0.662761
11.83%$6.11
1.61%$3,800.86
3.46%$0.166061
5.11%$3,595.41
3.77%$2.40
9.95%$98,079.00
-0.85%$1.14
2.85%$1.057
5.90%$3,521.55
4.35%$97,509.00
-0.91%$0.414192
2.73%$1,688.45
3.94%$1.49
0.36%$100.01
11.47%$21.74
16.39%$11.75
4.87%$69.67
3.49%$0.03429836
17.35%$10.86
7.31%$315.67
0.06%$0.574976
18.10%$0.852768
16.99%$0.00000133
12.88%$0.02611013
29.09%$1.40
13.05%$0.589395
12.03%$0.02315129
8.77%$0.02297355
3.04%$1.15
3.92%$0.770388
3.14%$1.13
4.10%$1.57
22.37%$1.16
20.29%$6.93
14.49%$0.441848
21.65%$97,987.00
-1.21%$3.16
-0.30%$270.42
0.52%$0.00000264
2.82%$5.97
10.95%$14.51
8.01%$3,421.70
4.08%$12.69
9.87%$0.173484
6.90%$0.532875
21.34%$36.13
14.46%$1.39
6.11%$3.89
3.34%$97,829.00
-0.89%$96,948.00
-0.55%$1.30
10.67%$0.801872
1.76%$0.00004582
3.42%$3,531.78
4.10%$260.04
0.08%$1.38
4.31%$0.429737
7.01%$5.38
6.84%$0.00980722
-0.85%$0.731456
8.46%$41.00
9.37%$0.181813
15.53%$0.0081366
13.30%$0.818748
-3.86%$0.054202
11.11%$0.08685
12.55%$0.00184009
2.77%$1.002
0.33%$0.215439
11.19%$0.00755855
-0.48%$49.07
8.47%$0.26569
10.47%$3,433.38
3.89%$276.46
5.37%$2.17
19.41%$1.56
21.36%$20.98
7.88%$2.16
7.69%$43.49
97.55%$0.797482
12.26%$3,430.06
3.78%$2,725.99
0.32%$0.00966357
3.63%$0.00012057
4.57%$2.28
15.91%$0.097548
11.60%$0.995959
-0.19%$0.509478
13.65%$0.01403491
7.55%$3,714.36
3.79%$1.71
20.63%$0.167841
11.05%$0.200498
7.96%$1.32
6.31%$0.592335
11.75%$0.2904
13.92%$33.04
1.38%$1.00
0.06%$3,426.65
3.82%$64.41
16.97%$2.32
8.27%$0.076266
14.66%$0.509235
8.72%$0.079719
-0.95%$97,393.00
-1.64%$2,735.17
0.68%$1.077
1.99%$0.00000026
5.04%$0.00775725
3.65%$97,705.00
-1.47%$3,403.72
3.66%$0.563789
9.37%$2.75
10.10%$0.00147003
-1.00%$0.00000051
3.33%$97,715.00
-1.18%$3,431.99
4.13%$1.001
0.01%$0.379206
9.69%$8.45
1.99%$1.16
19.34%$0.070082
3.45%$3.59
-2.70%$0.02453843
13.42%$3.76
0.73%$0.245164
9.97%$0.00846508
10.30%$2.16
16.71%$0.808037
10.20%$3,679.35
4.12%$2.08
20.12%$0.01441603
10.38%$1.071
0.28%$12.25
14.89%$3.93
8.89%$0.459864
4.17%$1.00
0.04%$3,431.36
3.62%$1.037
7.14%$0.617393
11.62%$8.65
7.47%$3,576.93
3.49%$0.04526376
8.28%$0.00239998
11.21%$1.00
0.07%$0.238081
17.79%$48.99
2.17%$1.01
0.18%$0.408754
-8.53%$33.85
15.17%$3.77
9.69%$0.00502041
6.98%$6.59
0.44%$1.043
22.30%$96.05
-1.20%$1.062
-0.34%$0.466717
5.30%$3,767.11
4.01%$3.70
7.87%$0.03875613
14.77%$0.00
9.76%$0.381069
4.12%$0.02615064
16.46%$1,967.25
-1.07%$0.252543
11.58%$0.339171
2.26%$0.385049
-4.03%$3,624.80
3.17%$0.720026
8.86%$0.417965
18.25%$0.00639257
4.43%$97,691.00
-0.97%$0.03829029
0.33%$0.998082
-0.27%$4.67
2.17%$0.894153
2.53%$0.366516
-7.22%$58.58
19.43%$1.37
0.81%$0.352191
24.19%$0.03547563
4.05%
Financial services firm BTIG analyst Mark Palmer has upgraded PayPal from Neutral to Buy, setting a $300 price target for its stock. The company’s shares were up 1.79% since yesterday reaching a value of $250 before the trading session on Friday.
PayPal (PYPL, Buy, $300 PT): Upgrading to Buy with $300 PT; Recent itBit Exchange Volumes Provide Snapshot of Strong Traction on Cryptocurrency Initiative, with Effort to Promote Merchant Acceptance of Crypto Set to Provide Next Leg Up https://t.co/QqtI7O3vvq #btig $pypl #Bitcoin
— Mark Palmer (@PalmerBTIG) January 20, 2021
In a note to investors earlier this week, Palmer asserts that PayPal’s strong traction on its cryptocurrency initiative could see the fintech company’s annual revenues grow by more than $1 billion by 2022.
Custody and trading services for PayPal are powered by Paxos Crypto Brokerage, the operator of itBit crypto exchange. The platform’s trading volume has spiked since the start of the year, with $242 million worth of crypto moved in a single day, January 11.
Palmer assumes that "the vast majority" of volume on the exchange reflects trades for PayPal customers, leading to his projection.
"Much more importantly, the traction seen in itBit’s rising crypto volumes bodes well for PYPL’s active account growth and engagement," wrote Palmer.
PayPal launched its crypto service in November 2020, allowing all account holders in the US to buy and sell Bitcoin, Ethereum, Bitcoin Cash and Litecoin within their digital wallets. The payments giant plans to roll out the service to "select international markets" and 26 million merchants worldwide, as well as to its social payments service Venmo in 2021.
Palmer believes that this bodes extremely well for PayPal's active account growth and user engagement.
"While PYPL CEO Dan Schulman recently stated that the company has a goal of 1 billion active users on its platform, the company could sustain and accelerate its growth through increased engagement alone, in our view," the analyst said.
Another thing that could have a positive impact on PayPal’s growth is possible removal of card intermediaries such as Mastercard and Visa from merchant cryptocurrency transactions. According to BTIG, Bitcoin and other supported cryptocurrencies will significantly lower the cost of such transactions boosting company’s take rate and margins.
Currently, PayPal charges merchants a 2.9% fee on a standard fiat currency transaction, with most of that fee going to the card networks.
