PayPal price target raised to $87 from $81 at Argus

Argus analyst Stephen Biggar raised the firm’s price target on PayPal (PYPL) to $87 from $81 and keeps a Buy rating on the shares after its Q3 earnings beat. Transaction payment volume growth accelerated to 8% in Q3, from 6% in Q2, with Venmo and buy-now-pay-later volumes growing at a much faster pace, the analyst tells investors in a research note. Argus expects PayPal to show long-term growth in payment volumes as it adds merchants, signs additional partnerships, and benefits from the secular shift to digital payments, the firm added.