PayPal price target lowered to $62 from $66 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on PayPal to $62 from $66 and keeps an Equal Weight rating on the shares. The company’s FY24 outlook was below expectations for adjusted EPS, but contribution from improvements leaves room for upside, the analyst tells investors. The firm will continue to closely watch Venmo progress and “any metrics that point to reduced checkout friction across the PayPal base,” the analyst tells investors.