PayPal price target raised to $103 from $95 at JPMorgan

JPMorgan analyst Tien-tsin Huang raised the firm’s price target on PayPal to $103 from $95 and keeps an Overweight rating on the shares. The company’s Q4 results "offered enough for the bulls to eat with some left over for the bears," the analyst tells investors in a research note. The firm increased its fiscal 2023 earnings growth estimate to 20% from 16% to reflect greater cost takeout with optimism that product initiatives bear fruit and e-commerce recovers to set up double-digit revenue growth in fiscal 2024.