PayPay initiated with a Buy at BofA

BofA initiated coverage of PayPay (PAYP) with a Buy rating and $26 price target The company is becoming Japan’s largest digital finance platform, supported by a long-term structural shift toward cashless payments, the analyst tells investors in a research note. The firm believes PayPay is “nearing a clear inflection point,” transitioning from the end of an adoption phase to the beginning of a profit expansion phase.