Oppenheimer Remains Bullish Ahead of PayPal's (PYPL) 3Q Report
- Stocks dip as earnings pour in, consumer discretionary lags
- UPDATE: Alphabet (GOOG) Tops Q3 EPS Views; Revs Strong
- Baker Hughes (BHI), General Electric (GE) in Partnership Talks, Not Merger Talks
- Cirrus Logic, Inc. (CRUS) Q2 Results and Guidance Beat Estimates
- Amazon.com (AMZN) Misses Q3 EPS by 26c, Offers Q4 Guidance
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.
Oppenheimer reiterated an Outperform rating and $43.00 price target on PayPal (NASDAQ: PYPL) ahead of the company's 3Q earnings report. Oppenheimer estimates 27% total payment volume growth to $88.6B (vs. Street's $88.3B estimate). Revenue is expected to be $2.65B, In line with consensus estimates, and Adjusted EPS of $0.34 (vs. Street's $0.35).
Analyst Glenn Greene commented, "Heading into 3Q16 earnings (Thurs., 10/21, after market close), we affirm our Outperform rating and $43 price target for PayPal. We remain attracted to the company's unique digital payments assets (including Braintree, Venmo, Xoom) and impressive growth profile. We view the recently announced V/MA strategic partnerships as an important validation of PYPL's role in the payments ecosystem, and suspect transaction margin concerns are overblown. Accordingly, we would not preclude that PYPL reiterates its medium-term outlook with earnings. For 3Q16, PYPL expects revenue to grow 19-21% (~17-19% organic, by our estimate) in constant currency to a range of $2.62-2.67B, and adj. EPS in a range of $0.33-0.35. At ~22.5x our FY17E EPS, we believe PYPL shares are attractively valued."
Shares of PayPal closed at $39.48 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Weingarten Realty Investors (WRI) Reports In-Line 3Q
- Jefferies Cuts Price Target on Parexel (PRXL) to $67 Following Weak 1Q
- UPDATE: Stifel Downgrades Boston Properties Inc. (BXP) to Hold
Create E-mail Alert Related CategoriesAnalyst Comments
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!