PayPal vs. Square: Traders take their pick on high-flying payments stocks this year

Tepper says PayPal is a "pure play on e-commerce boom" while Square could get hurt by its exposure to smaller "mom-and-pop shops."

"Square does have an advantage with their cash app over PayPal's Venmo, but I more or less would see that as a positive catalyst for PayPal, as they upgrade that system. So we're still long-term bullish on PayPal, but I think it would have to drop below that $140 level for us to actually pull the trigger," said Tepper."PayPal has gotten clearly very extended. The stock has more than doubled off its lows just in the last three months, and so you go from $80 to over $160.

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