PayPal price target raised to $75 from $65 at Jefferies

Jefferies raised the firm’s price target on PayPal to $75 from $65 and keeps a Buy rating on the shares. The firm updated its payments models to reflect the key themes post Q2 earnings. The group is in a better spot with stable trends expected to persist through the second half of 2024, and an increasing number of “own-able stories,” the analyst tells investors in a research note. Corpay (CPAY) is Jefferies’ top pick coming out of Q2. For PayPal, the firm says the “narrative continues to improve following impressive” execution year-to-date. The implied second half of 2024 deceleration in transaction margin growth “sets up for more beats,” Jefferies adds.