June 3, 2023

Why PayPal Shares Are Trading Higher Today

PayPal Holdings Inc (NASDAQ:PYPL) is trading higher Monday after positive analyst coverage from BMO Capital. 

BMO Capital analyst James Fotheringham upgraded PayPal from a Market Perform rating to an Outperform rating and lowered the price target from $278 to $224.

Fotheringham cited valuation following a “de-rating” in 2021 as a reason for the upgrade. The BMO Capital analyst believes payment stocks are set up constructively for 2022, which includes PayPal, but also its competition. 

“We believe PYPL faces uncertainty regarding the impact of competition, macroeconomic trends, and business mix on growth and margins; however, our growth-margin sensitivity analysis implies valuation risks are now skewed to the upside,” Fotheringham wrote in a note Monday.

PayPal provides electronic payment solutions to merchants and consumers, with a focus on online transactions.

See Also: Why Genprex Shares Are Soaring Today

PYPL Price Action: PayPal has traded as low as $179.15 and as high as $310.16 over a 52-week period.

The stock was up 3.26% at $194.68 at time of publication.

Photo: courtesy of PayPal.

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