Piper Jaffray analyst Gene Munster was out today with a follow-up report regarding the level of competitive crossover Paypal Holdings Inc (NASDAQ:PYPL) will likely experience when Apple Pay goes live in browser.

Munster wrote, “While conversations focused on topics such as Apple Pay not being browser-agnostic and PayPal’s scale (users, TPV, geography), we believe investors are becoming increasingly aware of the threat that Apple Pay and other digital payment competitors pose to PayPal at online checkout. Ultimately, we believe PYPL has the most to lose as digital payments competition increases and users question PayPal’s value proposition relative to newer solutions (ease of use, omnichannel capability, loyalty/rewards). We expect Apple Pay’s ease of use and highly engaged brand will enable it to take share from PayPal in online checkout. We believe PYPL’s shares remain overvalued relative to its future competitive environment.”

The analyst maintained an Underweight rating on shares of Paypal with a price target of $34, which represents a slight downside potential from current levels.

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Gene Munster has a yearly average return of 15.4% and a 57.5% success rate. Munster has a 4.1% average return when recommending PYPL, and is ranked #8 out of 3980 analysts.

Out of the 39 analysts polled by TipRanks, 21 rate PayPal stock a Buy, 15 rate the stock a Hold and 3 recommend a Sell. With a return potential of 24%, the stock’s consensus target price stands at $42.30.