Mizuho Securities analyst Neil Doshi reiterated a Buy rating and boosted his price target on PayPal (NASDAQ: PYPL) to $46.00 (from $40.00) following solid Q1 results.

Doshi commented, "PayPal posted a 1Q beat with guidance that was generally in-line with expectations. However, what really stood out to us was accelerating growth trends across several KPIs, including TPV, active customer accounts, transactions, and average payment value. The company is firing on all cylinders and we believe the impressive performance was driven by a fundamentally redesigned app that was released in the quarter, growing adoption of PayPal One Touch, and new business partnerships. We reiterate our Buy rating on the strength of the core business and option value from Venmo and Braintree."

Our '17 EPS est goes from $1.80 to $1.78, but they are applying a higher target multiple on solid growth trends with the company's fundamentals.

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 $40.01 yesterday.