UPDATE: Canaccord Genuity Assumes PayPal (PYPL) at Buy

(updated to add analyst name, PT, comment)

Canaccord Genuity analyst Joseph Vafi assumes coverage on PayPal (NASDAQ: PYPL) with a Buy rating, price target $118.00.

The analyst comments "We view PayPal as a payments juggernaut. Growth in payment volumes at this scale is impressive. Active user count also continues torrid growth. One Touch is truly the magic touch in making online payments easy. Strategic relationships continue to be forged. Short term, we believe the guide-down post Q2 has de-risked the story into next year. Delays in large deal integration may actually become tailwinds for growth next year. Net net, with the pullback in the stock post last quarter's results, we see positive risk/reward in PYPL shares currently."

For an analyst ratings summary and ratings history on PayPal click here. For more ratings news on PayPal click here.

Shares of PayPal closed at $103.05 yesterday.

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