Piper Sandler lowered the firm’s price target on PayPal to $62 from $66 and keeps a Neutral rating on the shares. The firm notes PayPal reported an operating beat this quarter as payment volume and the transaction take rate exceeded its expectations. TPV growth of 15% was driven by continued momentum internationally and within the unbranded product. However, guidance for minimal EPS growth in 2024 implies EPS estimates need to decline about 7% as revenue growth headwinds emerge in Q1 2024, Piper adds.
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