Morgan Stanley analyst James Faucette lowered the firm’s price target on PayPal to $133 from $136 and keeps an Overweight rating on the shares ahead of the company’s Q4 earnings report. The firm is trimming its estimates, noting that recent public management commentary indicated that PayPal may be basing their 2023 planning around flat to slightly negative e-commerce growth, which the firm acknowledges as "probably more conservative than most of the market." However, while the near-term could be choppy, the firm still sees PayPal outpacing e-commerce growth going forward and thinks better execution on cost savings can partially offset the EPS impact.
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