PayPay initiated with a Buy at Benchmark

Benchmark analyst Mark Palmer initiated coverage of PayPay (PAYP) with a Buy rating and $31 price target The public debut on March 12 “marked the emergence of a dominant Japanese payments franchise evolving into a full-scale financial super-app at a time when Japan’s economy is undergoing a once-in-a-generation shift away from cash,” the analyst tells investors. PayPay is positioned to compound value as it transitions from a high-growth payments network into a high-margin financial services ecosystem, the analyst added.