Sign In  |  Register  |  About Sunnyvale  |  Contact Us

Sunnyvale, CA
September 01, 2020 10:10am
7-Day Forecast | Traffic
  • Search Hotels in Sunnyvale

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

PayPal stock receives a downgrade from the Bank of America

By: Invezz
paypal stock price forecast bank of america

PayPal Holdings Inc (NASDAQ: PYPL) has gained nearly 20% over the past five weeks but a Bank of America analyst is not too excited about the digital payments stock for 2024.

BofA analyst shares view on PayPal stock

On Wednesday, Jason Kupferberg downgraded the financial technology giant to “neutral”. But his $66 price target still suggests about a 10% upside from here.

PayPal recently appointed Jamie Miller its Finance Chief shortly after naming Alex Chriss its next Chief Executive Officer. According to the BofA analyst:

We see `24 as a transition year, as new CEO/CFO seek to earn Street credibility while driving sustained improvements in top-line metrics, especially transaction profit growth, which will likely take time.

Note that PayPal stock is currently down more than 30% versus its year-to-date high.

Watch here: https://www.youtube.com/embed/j3-3iaoMJsg?feature=oembedWhy else did he downgrade PayPal stock?

Jason Kupferberg turned somewhat dovish on the Nasdaq-listed firm today also because the Street expectations are “too high” for 2024.

The Bank of America analyst agreed in his research note on Wednesday that PayPal remains a “strong brand” with a solid balance sheet but said its shares will still be rangebound in the near term “with valuation/sentiment providing downside support”.

Trusted names in crypto and payments have teamed up. Introducing PayPal on Ledger Live. Buy Bitcoin and other cryptocurrencies through Ledger Live using PayPal in just a few clicks*. Simple and convenient. Learn more: https://t.co/Jbp4sMu8Vo

*Terms apply: https://t.co/32FOV5QXgh pic.twitter.com/AMXuLUtRZv

— PayPal (@PayPal) August 17, 2023

Also on Wednesday, Kupferberg downgraded Toast Inc as well citing rising competition and easing top-line momentum. In the finance space, names he likes include Capital One Financial, Jack Henry & Associates, and Discover Financial Services.

He upgraded all three to “buy” in his research note this morning.

The post PayPal stock receives a downgrade from the Bank of America appeared first on Invezz

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 Sunnyvale.com & California Media Partners, LLC. All rights reserved.