Morgan Stanley initiates PayPay stock coverage at Equalweight

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Morgan Stanley has initiated coverage on PayPay Corp (NASDAQ:PAYP) with an Equalweight rating and a $24.00 price target, citing Japan’s accelerated shift towards cashless payments and PayPay’s dominant market position. The firm expects PayPay to achieve a 24.9% compound annual growth rate for contribution profit from fiscal year 2025 through fiscal year 2028, viewing its domestic earnings as high-quality and stable. Other analysts, including BofA Securities and Macquarie, have also started coverage with positive ratings, highlighting the company’s strong market position and growth potential.

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