PayPay initiated with a Hold at Deutsche Bank

Deutsche Bank initiated coverage of PayPay (PAYP) with a Hold rating and $20 price target The firm views PayPay as the “undisputed market leader” in Japan’s “rapidly growing” digital payments sector. The firm sees a balanced risk/reward at current share levels. It cites the stock’s “premium” valuation relative to other high-growth fintech peers and the execution risk associated with PayPay’s cross-selling strategy into financial services for the Hold rating.