PayPal price target lowered to $79 from $90 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on PayPal (PYPL) to $79 from $90 and keeps an Equal Weight rating on the shares. Branded Checkout grew 6%, below investor expectations for 7%-8% growth, even as U.S. Branded accelerated 3 points on e-commerce strength, travel, and crypto, the analyst tells investors. Efforts to drive better Branded and Pay with Venmo usage will take time, adds the analyst, who prefers stock like Global Payments (GPN) and Fiserv (FI) in the space.