PayPal price target lowered to $70 from $85 at Truist

Truist analyst Andrew Jeffrey lowered the firm’s price target on PayPal to $70 from $85 and keeps a Buy rating on the shares as part of a broader research note previewing Q3 earnings in FinTech. Many of the firm’s covered names are slumping, and while broadly constructive, Q3 results may not be catalysts for some of its “favorite laggard ideas”, the analyst tells investors in a research note. Truist also believes that the challenges, including competition, commoditization, price pressure, and investments needed to move up-market and into more complex SMBs will not quickly abate. The firm adds that looking into next year, it sees a modestly improving branded volume growth for PayPal, also noting that the moderating Braintree expansion and better data monetization will moderate transaction % decline.