Truist upgrades PayPal to Buy, sees investors as ‘too negative’

Truist analyst Andrew Jeffrey upgraded PayPal to Buy from Hold with a price target of $95, up from $75. The analyst contends that investors have been "too negative" on the stock given the company’s "durable" long-term organic revenue growth. Jeffrey adds that PayPal’s first-mover advantage, 400 million users, and superior merchant value proposition position the company to keep pace with the market despite some branded share loss. The analyst also notes that his upgrade reflects his view that consensus revenue estimates are now "reasonable".