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StocksMedium•6 April 2026•

1 min read

Morgan Stanley Initiates Coverage on PayPay with Equalweight Rating and $24 Target

Key Facts

1Morgan Stanley initiated coverage on PayPay Corp with an Equalweight rating and a $24.00 price target.

2The firm expects a 24.9% compound annual growth rate for contribution profit from FY2025 through FY2028.

3Other analysts, including BofA Securities and Macquarie, have also started coverage with positive ratings.

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Morgan Stanley has officially initiated research coverage on PayPay Corp (NASDAQ: PAYP), assigning the stock an "Equalweight" rating. The financial institution set a price target of $24.00, reflecting a balanced view of the company's current valuation. Analysts highlighted PayPay's dominant position in Japan's rapidly expanding cashless payment ecosystem as a key driver for future performance. The firm projects a robust 24.9% compound annual growth rate for contribution profit between the fiscal years 2025 and 2028. This initiation follows similar moves by BofA Securities and Macquarie, who have also recently begun tracking the fintech firm. While the growth prospects are significant, the neutral rating suggests that the market has already priced in much of the company's immediate potential.