Gil Luria of Wedbush Morgan wrote in a note on Friday that channel checks indicate that a pilot program is occurring in at least one Home Depot location.
"We believe a full Home Depot roll out would increase PayPal's addressable market by about 35% overnight," Luria said. "Although penetration would start at zero, we believe that by adding value to consumers and merchant PayPal may eventually approach penetration rates comparable to its online presence."
Luria said an announcement from Home Depot would only come if the home improvement retailer decides to roll out more locations.- Reported by Jeanine Poggi in New York. Follow TheStreet.com on Twitter and become a fan on Facebook.
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