Monness Crespi analyst Gus Gala raised the firm’s price target on PayPal to $95 from $88 and keeps a Buy rating on the shares. The firm notes PayPal delivered strong beats across consensus and its expectations of revenue/transaction margin dollars/EPS reflecting improving yields on Braintree, consistent growth in branded and growing engagement on Venmo. Notwithstanding the raise to 2024 guidance, and the firm’s views on the macro, Monness continues to believe PayPal 2024/2025 offer ample buffer as 2024 bakes in no benefit from product innovations.
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