The pullback in PayPal is severely overdone, we said on November 9 and 12.
Even now, it’s still technically oversold, but is starting to pivot higher. From a current price of $213, we’d like to see $240 next. Also, while there are plenty of bears, including:
- Citi, which lowered its target to $300 from $350
- RBC Capital lowered its target to $298 from $322
- Baird lowered its target. To $290 from $325
- Deutsche Bank lowered its from $360 to $260
They may want to considering upgrading the stock.
Not only are we bullish on PYPL, but Loop Capital is, too. In fact, analyst Hal Goetsch initiated coverage with a buy rating, and a price target of $269.
PayPal operates the “most formidable 2-sided fintech enabled platform” in the market, he said, as noted by TheFly.com. “The analyst says the consumer and merchant value propositions curated by the company drives ‘tremendous network effects.’ The recent 30% pullback in the stock and ‘modest reset’ of 2022 expectations presents an attractive entry point.”