Piper Jaffray analyst Gene Munster reiterates an Underweight rating on shares of PayPal (PYPL) after Re/code reported that it is likely Apple Pay (AAPL) will be made available for mobile in-browser payments by the end of the year.

The addition of Apple Pay for mobile in-browser payments will represent the first overlap between Apple Pay and PayPal, Munster tells investors in a research note. The analyst estimates at least 20% of PayPal’s total payments volume in 2015 was conducted on iPhone/Apple operating system mobile devices. He believes this portion of PayPal’s total payments volume is at risk over the next several years. Munster reiterates an Underweight rating on the shares with a $33 price target.

PayPal closed yesterday down 80c to $40.52. Underweight is Piper’s equivalent of a sell rating.