Raymond James analyst John Davis downgraded PayPal to Market Perform from Outperform without a price target. The analyst cites the stock’s outperformance this year along with the firm’s "cautious stance" on the company’s Q4 results for the downgrade. While PayPal shares remain "inexpensive," multiple expansion will provide difficult if branded checkout is losing market share share, the analyst tells investors in a research note. Raymond James thinks cost cutting will be needed to offset sales weakness.
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