- Credit Suisse slashed its price target for PayPal Holdings Inc PYPL to $155 from $190 (55.5% upside) and reiterated Outperform.
- The re-rating followed model updates and increased levels of uncertainty stemming from multiple factors.
- Also Read: Read Barclays' Take On Visa, Mastercard, PayPal Amid Present Macro Environment
- The factors included CFO departure, inflationary pressures on low-income consumers, discretionary spending, supply chain impacts, and elevated user churn.
- PayPal's FY 2022 guidance calling for +15-17% revenue growth was not overly conservative amid persistent inflationary pressures on low-income consumers, the risk to discretionary spending in general, and China's outbound cross-border and other supply chains impacts.
- Price Action: PYPL shares traded lower by 1.45% at $100.83 on the last check Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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