PayPal (PYPL) Reaffirms Guidance Following Solid 3Q; Canaccord Genuity Reiterates Buy
Canaccord Genuity reiterated a Buy rating on PayPal (NASDAQ: PYPL), and raised the price target to $44.00 (from $43.00), following the company's 3Q earnings report. PayPal reported solid Q3 results, with revenue missing consensus by less than 1% and EPS beating by 6%. PayPal communicated that the solid Q3 results led to increased confidence in full year guidance, which was left unchanged.
Analyst Michael Graham commented, "In its first quarter after the EBAY spinoff, PayPal reported solid Q3 results, with revenue missing consensus by less than 1% and EPS beating by 6%. We find these results to be supportive of our positive investment thesis on PayPal, which centers around: 1) secular tailwinds from shift to non-cash, eCommerce, and smartphones; 2) upside potential from Braintree, Venmo, and One Touch; and 3) a reasonable valuation that can support stock price appreciation on the back of steady, high-visibility growth."
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 $36.52 yesterday.