PayPal (PYPL) PT Raised to $45 at Oppenheimer
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Oppenheimer analyst Glenn Greene reiterated an Outperform rating and raised his price target on PayPal (NASDAQ: PYPL) to $45.00 (from $43.00) after solid 3Q results, as revenue of $2.67B grew 18% year/year (+21% in constant currency) and EPS of $0.35 was essentially in line with the firm's/Street's $0.34/0.35 estimates. Total payment volume (TPV) growth (+28% Y/Y in CC) was led by 34% CC Merchant Services growth.
Greene commented, "Encouragingly, PYPL provided new three-year guidance that calls for mid-20% CC TPV growth, 16-17% CC revenue growth (up from 15%) and flat to growing margins. Notably, PYPL appears confident it can offset margin dilution from the recent V/MA strategic partnerships with leverage from other expenses. Trading at 23x our FY17E EPS, shares remain attractive, in our view."
Shares of PayPal closed at $40.09 yesterday.
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