PayPal price target lowered to $60 from $65 at BMO Capital

BMO Capital lowered the firm’s price target on PayPal to $60 from $65 and keeps a Market Perform rating on the shares. The company’s FY24 outlook implies lower-than-expected gross profit growth and higher non-transaction operating expenditure, the analyst tells investors in a research note. Investors were looking in particular for signs of more aggressive reductions in non-transaction related opex, but PayPal ‘s guidance and commentary implies much of their efficiency savings will be reinvested to drive growth, the firm added.