PayPal price target raised to $104 from $100 at RBC Capital

RBC Capital analyst Daniel Perlin raised the firm’s price target on PayPal (PYPL) to $104 from $100 and keeps an Outperform rating on the shares. The company’s Q4 earnings came in largely better than expected, coupled with several proof-points that its transition story is playing out, but its Branded Checkout total payment volume did not sequentially accelerate in line with overall e-commerce volumes, causing investors to question the share gain/loss dynamic that has plagued the the stock’s narrative for years, the analyst tells investors in a research note.