Apple settlement has ‘multiple benefits’ to PayPal, says Mizuho

Mizuho analyst Dan Dolev says Apple’s (AAPL) settlement with the European Union, which includes committing to open its tap-to-pay technology to third-party payment providers, has “multiple benefits” to PayPal (PYPL). At 15%-20% of total revenue, the European Union is a key market for PayPal, the analyst tells investors in a research note. In addition, Apple’s settlement could potentially “crack the door open” for enabling access to Apple’s Near Field Communication technology in the U.S., which could be a boon to Tap-To-Pay with PayPal’s Venmo, adds the firm. Mizuho keeps an Outperform rating on PayPal with a $90 price target.