UPDATE: Wolfe Research Downgrades PayPal (PYPL) to Peerperform
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Wolfe Research analyst Darrin Peller downgraded PayPal (NASDAQ: PYPL) from Outperform to Peerperform.
The analyst comments "We are downgrading shares of PYPL to Peer Perform from Outperform. Pending further clarity on the company’s ability to showcase sustainable EPS growth in the high-teens or better, we view a fair value for the stock being in the $80-$90 range, predicated on ~18-20x our 2023 adj. EPS estimate (which incorporates a mild recession), or 24-27x our stock-comp expensed EPS estimate of $3.18. For reference, our prior PT was $95."
Shares of PayPal closed at $77.74 yesterday.
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