PayPal (PYPL) stock gained 3.5% yesterday and hit a new 52-week high of $72.56. The upside came after the company announced a strategic expansion of its partnership with Adyen (ADYYF), a global fintech platform.
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Under this deal, Adyen will offer its U.S. customers the Fastlane by PayPal checkout experience. With this collaboration, the companies aim to boost business transaction conversion rates using Adyen’s platform.
Fastlane by PayPal allows first-time buyers to save their payment and shipping information, making future purchases on any Fastlane-enabled platform faster and more convenient. The feature has resulted in a conversion rate of over 80% and a 32% reduction in checkout time compared to traditional guest checkouts.
Long-Standing Relationship
It is worth highlighting that Adyen and PayPal have been working together for several years. Adyen’s customers can access PayPal’s diverse payment options, including Venmo and Buy Now, Pay Later services.
PayPal and Adyen plan to extend the availability of Fastlane by PayPal to global markets in the future. Also, the companies aim to explore new ways to collaborate and create value for enterprise businesses.
Is PYPL a Buy, Sell, or Hold?
Overall, Wall Street analysts are cautiously optimistic about PYPL stock. It has a Moderate Buy consensus rating based on 14 Buy and 17 Hold recommendations. The analysts’ average price target on PayPal stock of $74.92 implies a 4.21% upside potential from current levels. The stock has gained 17.1% year-to-date.
