PayPal (PYPL) PT Raised to $69 at Piper Jaffray, Positively Revises EPS Estimates

Piper Jaffray raised its price target on PayPal (NASDAQ: PYPL) to $69.00 (from $68.00) while maintaining a Neutral rating.

Analyst Jason Deleeuw continues to view the stock valuation as elevated but is impressed with the Q3 report. The analyst expects margin expansion to slow a bit citing potential higher investment levels. Deleeuw expects shares to rally in Friday's session as consensus estimate rise following the Q3 report.

Fy 2017 EPS estimate rises from $1.86 to $1.88 and FY 2018 EPS estimate rises from $2.25 to $2.30.

Valuation:

"Our $69 price target is based on 30.0x (unchanged) our 2018 non-GAAP EPS estimate of $2.30."

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