After PayPal (PYPL) announced that its credit and debit cards, including the Venmo credit/debit card, will be available to add to Apple’s (AAPL) Wallet and can be used to make payments online with the Apple Pay option, Morgan Stanley analyst James Faucette said the firm thinks the news should be “a modest relief to investors.” Concern around share loss to Apple Pay has been a key debate around PayPal amid Apple Pay’s faster growth and heavier usage among younger consumers and the partnership is a step toward addressing competition concerns, says the analyst, who has an Overweight rating and $126 price target on PayPal shares.
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