New PayPal (PYPL) Features Likely to Push Increased Engagement - Morgan Stanley
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Morgan Stanley analyst James Faucette reiterated an Overweight rating and $337.00 price target on PayPal (NASDAQ: PYPL) expecting a strong earnings report as the company maintains its leadership in a still strong ecommerce environment and continues to push increased engagement
with new features.
The analyst stated "PayPal's new product rollouts, namely Pay in 4, in-store QR codes, crypto-trading, and the Venmo credit card have launched and we expect mgmt will give another positive update on early adoption metrics. Qualitative feedback on uptake will be a key area of investor focus, along with an update on the 3Q app revamp and services yet to be formally announced like high-yield savings and stock investing. In 1Q, PayPal's BNPL solution delivered $1 billion in volume, and had 3.3M consumers using it and 330K merchants offering it. Importantly, 50% of BNPL users are making a repeat Pay in 4 transaction within 3 months and half of PayPal's crypto users open their app every day."
Shares of PayPal closed at $308.53 yesterday.
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