PayPal upgraded to Buy at Argus on turnaround progress

As previously reported, Argus upgraded PayPal to Buy from Hold with a $75 price target following the company’s report of Q2 results that the firm says “showed steady progress on its turnaround efforts.” While competition within the online checkout space has placed more pressure on PayPal’s growth rates, the company has returned to growing its active accounts and several innovation efforts that have been announced are “making progress faster than originally expected,” the analyst tells investors in a post-earnings note.