PayPal downgraded to Accumulate from Buy at Phillip Securities

Phillip Securities downgraded PayPal (PYPL) to Accumulate from Buy with a price target of $90, up from $80. The firm cites valuation for the downgrade following the stock’s recent performance. PayPal is well positioned to benefit from its two-sided global network of 432M active users, the ongoing shift to digital commerce, and innovations like Fastlane guest checkout, which can enhance merchant conversion rates, the analyst tells investors in a research note.