Wolfe Research analyst Darrin Peller downgraded PayPal (PYPL) to Peer Perform from Outperform with a fair value range of $70-$80. The firm believes the shares will be range-bound with investors requiring further proof of branded execution before getting more constructive. Questions remain on the timeline of a branded acceleration and when PayPal’s new initiatives will impact results, the analyst tells investors in a research note.
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