PayPay initiated with a Buy at Jefferies

Jefferies initiated coverage of PayPay (PAYP) with a Buy rating and $28 price target implying 30% upside potential from current levels. The firm cites the company’s “unmatched leadership” in Japan’s “fast-growing” cashless payments market for the Buy rating. PayPay has a “massive” user base and expanding ecosystem, which includes banking and securities, as well as a “clear trajectory for strong growth,” the analyst tells investors in a research note.