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PayPal Gains on BMO’s Upgrade to Outperform -Breaking

by Mike Robinson

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© Reuters.

By Dhirendra Tripathi

Investing.com – PayPal Holdings stock (NASDAQ:) traded nearly 2% higher in Monday’s premarket following an upgrade to ‘outperform’ by BMO on valuation, according to StreetInsider.

James Fotheringham analyst sees stock trading at $224. That’s down from $278 because of multiple compression which took place in 2021.

The new target is around 19% from the stock’s Friday close of $188.58. The stock lost over 19% in 2021 while the S&P 500 rose nearly 27%.

Fotheringham thinks payment stocks have been set up in a constructive way for the year. He expects PayPal will experience a 21% increase in annual organic revenue. Fotheringham also stated that there is no tax loss selling and investors have a focus on normalized valuations for 2023.

The brokerage recommended that you also buy, in addition to PayPal. Nuvei (TSX 🙂 Global Payments The sector is represented by (NYSE:). Mastercard (NYSE:) and Visa (NYSE:) are also favored ‘buys’ as core holdings, according to the analyst.

 

 

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