PayPal price target lowered to $72 from $92 at Mizuho

Mizuho lowered the firm’s price target on PayPal (PYPL) to $72 from $92 and keeps a Buy rating on the shares. The firm’s e-commerce checkout tracker suggests that Apple Pay (AAPL) continued weighing on Branded Checkout share in October, as outgoing web traffic from key merchants remains lower versus historical levels. Additionally, PayPal’s web traffic share from Temu, which was a positive catalyst in Q3, appears more muted in October, the analyst tells investors in a research note. The firm, however, remains upbeat about PayPals future growth prospects, citing “ample” opportunities to combine the PayPal and Venmo platforms to create a global digital wallet. Mizuho is “convinced that such measures could soothe concerns about market share losses to Apple Pay.”