Wedbush slammed PayPal today dropping their price target
from $330 to $240 and removing PYPL from their Best Ideas List.
|"We are reducing our 12-month PT on Outperform-rated PYPL to $240 (2x roughly 18% top line growth), while also removing the name from Wedbush’s BIL, post|
muted Q3/CY21 results + as well as uninspiring Q4/CY21 guidance. As expected EBAY transition continues to impact healthy metrics. Moreover, while similar to other FinTech peers, Paypal pointed to fading stimulus payments as one of the factors impacting results/guidance, it also added a number of others to
the list, including weakening travel trends (during the quarter), muted “back to school” consumer spending as well as potential supply chain challenges impacting
near-term volume trends."