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- Wells Fargo analyst Jeff Cantwell cut the price target on PayPal Holdings, Inc (NASDAQ:PYPL) to $97 from $115 and reiterated an Overweight rating ahead of quarterly results.
- Acknowledging that it's "tough to paint a particularly rosy" near-term fundamental picture when broader e-commerce growth looks subdued, Cantwell noted that his Q2 data is rather unpromising, and inflation looks "higher for longer."
- Cantwell believed PayPal managed to hold onto its 2022 guide and that OVAS revenue can be a source of upside in Q2 and beyond.
- PayPal's increasingly solid financial performance should become more evident beginning in 2H22 after the lapping of eBay, and this should be an excellent 'catalyst' for the shares, he added.
- In the long term, he believed that PayPal could grow EPS by 20%+ on an annual basis as it continued to execute against its sizable opportunities in online and offline commerce, generating strong TPV growth by continuing to focus on driving greater engagement.
- Price Action: PYPL shares traded higher by 2.75% at $79.86 on the last check Wednesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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