PayPal price target lowered to $92 from $100 at Mizuho

Mizuho analyst Dan Dolev lowered the firm’s price target on PayPal to $92 from $100 and keeps a Buy rating on the shares. The firm’s web traffic analysis points to incremental softness in branded checkout in March. Assessing outgoing web traffic from key PayPal partners like Etsy and Nike indicates a further step-down in its share of traffic, the analyst tells investors in a research note. However, Mizuho believes PayPal’s "conservative" guidance and high fixed cost basis should help drive "sizable upside" to 2023 earnings. It views the company’s upcoming new CEO announcement as another potential catalyst.