TD Cowen starts PayPal at Market Perform, says hard to stay on top

As previously reported, TD Cowen initiated coverage of PayPal with a Market Perform rating and $66 price target. While calling PayPal “a leading fintech with an unmatched global network,” along with “leading” consumer and merchant products, the firm sees “ample uncertainty” given its contention that “staying on top is just as hard as getting there.” There may be “many” potential catalysts, but those rely on “show-me story dynamics” that are apt to limit meaningful upside in the near-term, the analyst argues.