"We are not overly concerned about Apple's potential entrance into the already crowded and relatively commoditized domestic peer-to-peer (P2P) money transfer market," they wrote in a note on Wednesday. "We believe Venmo (and PayPal) benefit from a significant first mover advantage and a large and loyal customer base, and the social media component provides a differentiated consumer experience. In addition, assuming Apple's P2P service only works on iPhones, that is a disadvantage vs. Venmo and other P2P services, which are device agnostic."