PayPal reveal ‘likely to underwhelm investors,’ says Keefe Bruyette

After PayPal unveiled in a pre-recorded event this afternoon six Paypal and Venmo innovations in various stages of piloting that the company plans to roll out nationwide through 2024, Keefe Bruyette said the innovations “seem to be a step in the right direction,” but are “likely to underwhelm investors that were looking for more specific catalysts from today’s announcements.” These initiatives could help right the ship over time, if executed successfully, and are “encouraging for a longer-term turnaround,” but the firm views them as part of “a gradual process of improvement that is likely to take time before they start to yield any positive results,” added the firm, which has an Outperform rating and $72 price target on PayPal shares.