Why PayPal Holdings Stock Popped This Morning
Shares of financial technology pioneer PayPal Holdings (NASDAQ: PYPL) popped in early trading on Wednesday after scoring an upgrade from a prominent analyst. At 10:20 a.m. ET, PayPal stock was up 4%.
Bank of America analyst Jason Kupferberg likes the risk-reward profile of PayPal stock, according to The Fly. For this reason, he's upgrading the stock from neutral to buy. And Kupferberg's price target for PayPal stock was raised from $94 per share to $114 per share, suggesting approximately 20% upside from where it trades now.
Among potential catalysts for PayPal stock are operational efficiencies. But Kupferberg isn't just making an educated guess here. On the conference call to discuss financial results for the second quarter of 2022, PayPal CEO Dan Schulman said, "We are meaningfully reducing our cost structure."
Source Fool.com
