Rosenblatt analyst Sean Horgan shines a light on each of these payment stocks by claiming they will be top performers in their sector. The analyst goes into detail about why he believes in each of them.
In the case of PYPL stock, Horgan says that its renewed focus on Venmo is a positive for the company. In addition to that, he points toward PayPal’s ever-expanding crypto plans as another reason the stock will perform well.
That makes sense considering new news from PayPal this morning. The company just announced that it’s allowing users of the Venmo app to buy, sell, and trade certain cryptocurrencies. That includes Bitcoin (CCC:BTC-USD), Ethereum (CCC:ETH-USD), Litecoin (CCC:LTC-USD), and Bitcoin Cash (CCC:BCH-USD). Investors can learn more about that here.
Next up is SQ stock, which the Rosenblatt analyst says has potential due to its Cash App app. He’s expecting the service to continue building its user base with low customer acquisition costs. In fact, he says that the company will surpass analysts’ 34 million monthly active users estimate for Q1.
So how much can investors expect these top payment stocks to gain? According to Horgan, both PYPL stock and SQ stock should see gains of more than 30% from their closing prices on Monday, reports Seeking Alpha.
PYPL stock was down 1.4% and SQ stock was up 1.6% as of noon Tuesday. They are also up 13.9% and 12.6% since the start of the year, respectively.
The stock market has been busy today with plenty of stocks rising and falling.
This comes with loads of news for investors to keep up with. Luckily, InvestorPlace is on top of it with coverage of the hottest stocks today. That includes stocks such as MyMD Pharmaceuticals (NASDAQ:MYMD), Apple (NASDAQ:AAPL), and Liquid Media (NASDAQ:YVR). You can check out the latest news concerning these stocks at the following links.
More Tuesday Stocks News
- MyMD Pharmaceuticals IPO: 10 Things for MYMD Stock Investors to Know as Shares Surge
- Spring Loaded Apple Event: 3 Key Things Apple Stock Investors Should Watch
- YVR Stock: Why Hot NFT Penny Stock Liquid Media Is Getting the Red-Carpet Treatment Today
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.