Payments technology companies Square and PayPal shares got price target hikes at Deutsche Bank.
Deutsche Bank analyst Bryan Keane boosted his price target on Square to $255 from $215, and on PayPal to $275 from $234. Keane has a buy rating on both these stocks.
According to Keane’s note to investors, a survey of 817 U.S. mobile tech-savvy participants found that the adoption of e-commerce and mobile payment services has accelerated, driven by the pandemic and expanded fintech value proposition. Keane noted that the use of online channels for retail physical goods purchases across the most tech-savvy U.S. mobile payment participants has touched about 83%, according to the survey.
The analyst said that PayPal, Venmo and Square "are well positioned to capture the accelerated shift to online and omnichannel".