The stock should benefit from PayPal's plan to add its cards to Apple Wallet next year, Bank of America says.
Synchrony Financial should experience ongoing tailwinds from PayPal 's plan to add its cards to Apple Wallet next year, Bank of America said Monday. "Synchrony is the issuer of both the PayPal and Venmo credit cards and combined, the two programs comprised over 10% of SYF's total interest and fees in 2021," wrote analyst Mihir Bhatia, as he retained the bank's buy rating on the stock.
This should also translate to higher purchase volumes, he said. "Assuming the combined PayPal and Venmo portfolio comprises about 15% of total purchase volume, 5% of users make it top-of-wallet and these users get a 30% lift in spending, we estimate the change could provide a 20-25bps boost to SYF's total purchase volumes," Bhatia said. " So the near-term financial impact is somewhat limited.
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