PayPal price target raised to $73 from $72 at BMO Capital

BMO Capital analyst Rufus Hone raised the firm’s price target on PayPal to $73 from $72 and keeps a Market Perform rating on the shares as part of a broader research note previewing Q3 earnings for Financial Technology names. Fintech stocks have underperformed both the Financial Select Sector SPDR Fund (XLF) and the S&P500 year-to-date, with significant dispersion in share price performance across the firm’s coverage universe, but the firm remains “broadly bullish” on the medium-term setup for Fintech stocks, with investors increasingly rewarding consistency of execution and credible top-line/gross profit acceleration narratives, the analyst tells investors in a research note. BMO is also citing its incremental enthusiasm around Branded Checkout for PayPal.