A Look At Apple Pay And Its Valuation Impact On Apple

We believe that Apple - which has a history of redefining product categories - has a good shot of success, given its partnerships and the ease of use of its service. That said, we don't think that the offering will move the needle much for Apple in terms of earnings or valuation, given the company's already large size and the fact that the system is effectively an up-sell to the company's existing user base.