BofA Securities Starts PayPal (PYPL) at Neutral

BofA Securities analyst Matt O\'Neill initiates coverage on PayPal (NASDAQ: PYPL) with a Neutral rating and a price target of $48.00.

The analyst comments "We reinstate coverage of PayPal (PYPL) with a Neutral rating and $48 PO. PYPL generates strong free cash flow and maintains a large user base, but is navigating decelerating branded checkout growth, take rate pressure, and uneven execution. Reports that Stripe is evaluating a potential acquisition of all or parts of PYPL highlight the strategic value of its assets and provide some valuation support. The recent CEO turnover with PayPal naming Enrique Lores after dissatisfaction with the pace of change under Alex Chriss underscores the need for sharper execution, and with guidance reset lower and visibility limited, we view a PO of $48 as appropriate as new leadership works to rebuild credibility."

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 $46.75 yesterday.

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