PayPal Stock On A Roll Despite EBay Agreement Ending, Earnings Ahead
Summary
While the event was an overhang on PayPal stock a year ago, the payment processor heads into second-quarter earnings on a roll. While eBay has moved some marketplace customers to the new platform, the process will speed up after the PayPal agreement expires on July 17. Bank of America analyst Jason Kupferberg on Monday hiked his price target on PayPal stock to 215 from 194. "We believe PYPL is set up to deliver a big beat in Q2 given massive growth in e-commerce likely to drive significant upside potential to total payment volumes, as consumer spending behaviors have shifted toward online amid Covid-19," Kupferberg said in a report to clients. Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing.