Wedbush analyst, Gil Luria, reiterated his Outperform rating on shares of PayPal (NASDAQ: PYPL) and raised his price target to $54 from $50 after Q3 revenue topped consensus and usage metrics continued to improve.

PYPL raised the midpoint of its FY16 revenue guidance range up to $10.780-$10.850 billion from $10.750-$10.850 billion (vs. 1Q guide of $10.5-$10.7 billion, representing 20% YoY growth). Non-GAAP EPS guidance was also tightened upward again to $1.48-$1.50 from $1.47-$1.50 (vs. 1Q guide of $1.45-1.50).

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 $40.09 yesterday.