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UBS downgraded PayPal to neutral from buy on Wednesday, saying the company’s popular peer-to-peer payment app Venmo has little to add.
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The bank said that even in its bull case scenario, Venmo would only add 2% to its earnings forecast through 2020. Venmo has become PayPal’s money maker since the acquisition in 2013, boosting its payment volume and commerce partnership. But UBS believes Venmo’s benefits are almost fulled priced in.