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Here's Why PayPal (PYPL) Hit an All-Time High Today
Shares of PayPal (PYPL - Free Report) climbed 4% in morning trading on Wednesday after the company announced a deal with Apple (AAPL - Free Report) . In reaction to this news, PayPal stock is trading at an all-time high.
PayPal announced that Apple users can now use the payment service for App Store, Apple Music, iTunes and iBooks. The payment option starts today in Canada and Mexico. The U.S. and other countries will be included soon, according to PayPal’s COO Bill Ready.
This new deal will allow PayPal to expand its customer base and generate new revenue. “This provides a secure and versatile payment method to meet the growing demand for digital entertainment,” said Ready in the company’s announcement.
JPMorgan (JPM - Free Report) analyst Tien-tsin Huang said the deal is a positive one for PayPal. “While difficult to size, the deal is significant as it provides yet another example of a payment foe (Apple Pay) choosing to work with PayPal as a payment partner,” Huang said in a report.
Apple will also benefit as it expands its payment options for customers. Now consumers don’t need to choose to pay with either a credit card or a gift card on their iPods, iPads or other Apple devices. iOS users can also ask Siri to make a payment using PayPal.
PYPL remains a Zacks Rank #3 (Hold). Our consensus estimates show that there will be positive year-over-year growth for the current year, and the company has a growth rating of ‘B.’
More Stock News: 8 Companies Verge on Apple-Like Run
Did you miss Apple's 9X stock explosion after they launched their iPhone in 2007? Now 2017 looks to be a pivotal year to get in on another emerging technology expected to rock the market. Demand could soar from almost nothing to $42 billion by 2025. Reports suggest it could save 10 million lives per decade, which could in turn save $200 billion in U.S. healthcare costs.
A bonus Zacks Special Report names this breakthrough and the 8 best stocks to exploit it. Like Apple in 2007, these companies are already strong and coiling for potential mega-gains. Click to see them right now >>