After PayPal announced last night that COO Bill Ready will be leaving the company at the end of the year, Morgan Stanley analyst James Faucette noted that Ready has been instrumental in the development and growth of Venmo and he believes the company may place slightly less emphasis on building Venmo as a standalone brand following Ready's exit. However, Faucette said he has not placed significant emphasis on Venmo's economics in his valuation for PayPal, as he believes it will drive incremental value by focusing on expanding its core offerings over the likes of Venmo. The analyst, who said he remains optimistic on PayPal, keeps an Overweight rating on the shares.