Why PayPal Stock Rallied on Wednesday
Shares of PayPal (NASDAQ: PYPL) were decidedly positive on Monday, jumping as much as 4.8%. As of 12:20 p.m. ET, the stock is still up 4.5%.
While the broad market move higher no doubt added to its momentum, the catalyst that sent the fintech pioneer higher was positive analyst commentary.
Mizuho analyst Dan Dolev has been crunching the data measuring web traffic between PayPal and the company's major U.S. merchants. He concludes that trends have stabilized over the past several months, suggesting that the company's growth may have turned the corner. Dolev notes the evidence is particularly pronounced with regard to mobile web traffic, an area where PayPal is most susceptible to competition from Apple Pay, which makes it easy to complete an online transaction on the iPhone.
Source Fool.com
