- Credit Suisse's survey of 300 online purchasers shows PayPal is "more entrenched" than expected.
- The firm reiterated its $47 price target for PayPal shares, representing 10 percent upside from Tuesday's close.
Credit Suisse reiterated its outperform rating on PayPal shares, citing survey results that revealed the online payment service's dominant market position.
"Our survey found PayPal to be more popular than credit and debit cards for online purchases in all geographies," analyst Paul Condra wrote in a note to clients Wednesday. "Survey results leave us incrementally more positive on PYPL. In addition to its high growth assets (Venmo and Braintree), we believe legacy PayPal remains a sticky and relevant platform and concerns over losing share to credit cards may be overblown."