PayPal Stock Is Moving Higher Tuesday: What's Driving The Action?

PayPal Holdings Inc PYPL shares are trading higher following positive analyst coverage from JPMorgan. The company on Tuesday announced an expanded partnership with a global financial technology platform to accelerate guest checkout.

What To Know: JPMorgan analyst Tien-Tsin Huang maintained coverage on PayPal with an Overweight rating and raised its price target from $77 to $80. Several analysts have lifted price targets on PayPal stock since the company reported better-than-expected earnings results at the end of July.

PayPal on Tuesday said it strengthened its global strategic partnership with Adyen to allow the company to offer Fastlane by PayPal to accelerate guest checkout flows for its enterprise and marketplace customers in the U.S. The companies have plans to extend this offering globally in the future.

PayPal said its new guest checkout experience Fastlane reduces time to checkout by 32% compared to a traditional guest checkout. PayPal announced the general availability of Fastlane earlier this month.

“Adyen’s customer base and relationships with enterprises makes them the ideal first Fastlane payment processing partner. This strategic partnership aligns with our goal to make PayPal available everywhere customers shop globally,” said Alex Chriss, president and CEO of PayPal.

“PayPal has evolved into a platform of choice for the world’s largest commerce brands, technology companies, and payment processors offering seamless and connected commerce experiences to hundreds of millions of consumers and businesses.”

PayPal and Adyen have partnered for a number of years, allowing Adyen’s customers to offer PayPal, Venmo and PayPal’s Buy Now, Pay Later solutions. The companies plan to continue to explore solutions that enhance consumer experiences and drive value for enterprise businesses.

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PYPL Price Action: PayPal shares were up 3.15% at $71.62 at the time of publication, according to Benzinga Pro.

Photo: courtesy of PayPal.