After the European Commission made commitments offered by Apple (AAPL) to address competition concerns relating to Apple granting rivals access to a standard technology used for contactless payments with iPhones in stores – “Near-Field-Communication” or “tap and go” – legally binding under EU antitrust rules, Keefe Bruyette analyst Sanjay Sakhrani said the opening up of Apple’s NFC tech to third-party mobile wallet providers could be a tailwind for PayPal (PYPL). The firm, which “guesstimates” UK and Europe combined represent roughly 20% of company revenue and says PayPal specifically has a strong foothold in markets like Germany, has an Outperform rating and $78 price target on PayPal shares.
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