PayPal Holdings (NASDAQ:PYPL) shares are ticking higher today after the financial services major named Alex Chriss, a senior executive at Intuit (NASDAQ:INTU) as its President and CEO.
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The new appointment will be effective from September 27, when Chriss will also join PayPal’s Board. Chriss has been Executive Vice President and General Manager of Intuit’s Small Business and Self-Employed Group since 2019, and brings extensive technology and product leadership experience.
Impressively, Chriss led Intuit’s $12 billion acquisition of Mailchimp in 2021 and during his five years as the leader of Intuit’s Small Business segment, delivered a 23% compounded annual revenue growth.
Today, Mizuho Securities’ Dan Dolev has reiterated a Buy rating on PayPal alongside a $92 price target. The analyst expects positive stock price movement as the new appointment provides better clarity regarding the company’s management change.
Overall, the Street has a $87.03 consensus price target on PayPal alongside a Moderate Buy consensus rating. This points to a hefty 38.8% potential upside in the stock.
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