PayPal Holdings Inc PYPL shares are trading higher by 4.28% to $72.53 Friday morning amid overall market strength. Also, JMP And RBC maintained bullish ratings on the stocks but lowered their price targets.
What Happened?
Market indexes are higher as investors assess today's bank earnings and retail sales data. Markets also continue to assess inflation concerns and Fed policy outlook. Heightened US inflation has raised concerns of aggressive Fed policy tightening, which would pressure economic growth.
Why it Matters
Worse-than-expected June CPI data has also caused recession concerns and concerns of more aggressive Fed policy, which could impact consumer spending. The Consumer Price Index rose 9.1% for the month of June, above estimates of 8.8%.
According to data from Benzinga Pro, PayPal has a 52-week high of $310.16 and a 52-week low of $67.58.
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