PayPal (PYPL) PT Lowered to $75 at Jefferies
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Jefferies analyst Trevor Williams lowered the price target on PayPal (NASDAQ: PYPL) to $75.00 (from $85.00) while maintaining a Hold rating.
The analyst commented, "We get into the weeds on PYPL's OVAS revenue, sizing the revenue buckets and est. the incremental tailwind to interest income on customer balances/loan portfolios from higher interest rates. Our analysis suggests OVAS can contribute ~150bps to net rev growth in FY23 (we now model OVAS +20% Y/Y) and ~100bps to FY22. Though we expect OVAS to provide an incremental tailwind, we see risk of OVAS upside being offset by softer transaction revs, particularly in 3Q."
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