NEW YORK (TheStreet) -- PayPal (PYPL) - Get Report shares are advancing 0.8% to $34.18 on Friday morning after analysts at Canaccord Genuity started coverage on the payment services company with a "buy" rating and a $43 price target.

"We expect PayPal to continue its steady growth trajectory, benefiting from the long-term shift to cashless payments and continued eCommerce growth," analysts said. 

Specifically, the company should benefit from its recently-launched payments service "One Touch," analysts noted. 

However, one risk is that its separation from eBay (EBAY) could lead to "slower account growth," according to the firm's note.

Based in San Jose, CA, PayPal operates as a technology platform company that enables digital and mobile payments on behalf of consumers and merchants worldwide.

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