Piper Jaffray analyst Jason Deleeuw provided his insights on Paypal Holdings Inc (NASDAQ:PYPL) after his firm hosted a bear-bull debate luncheon on the company. Topics included PayPal’s competitive landscape, transaction economics compared to competitors, merchant acceptance, the ecommerce industry, and a possible partnership with visa or MasterCard.

While many of the debate participants were bullish on the company, the analyst notes that investors concern regarding competitive threats from Apple Pay and other major players trying to enter the e-commerce industry. Deleeuw notes that Paypal has is the most disadvantaged as competition rises and releases additional features.

The analyst reiterates an Underweight rating on the company with a $34 price target.

Jason Deleeuw has a 60% success rate recommending stocks with an average return of 3.3% per recommendation.