PayPal Makes New All-Time High After Upgrade

Paypal Holdings Inc PYPL shares are trading higher by $1.20 at $55.17 in Monday's session.

The catalyst for the rally is an upgrade from Bernstein, which changed their rating from Market Perform to Outperform.

See Also: PayPal Wins A New Bullish Analyst: Bernstein Upgrades To Outperform

After a higher open, Paypal had a brief retreat but found support ahead of the top of Friday's range ($54.48), only reaching $54.70 before continuing its move higher. It has now surpassed its former all-time high that was made on June 9 at $55.14, so far reaching $55.42.

The stock is poised to post a new all-time closing high as long as closes above its June 8 close of $54.39.