PayPal price target raised to $86 from $82 at BofA

BofA raised the firm’s price target on PayPal (PYPL) to $86 from $82 and keeps a Neutral rating on the shares. The firm is “not surprised” to see PayPal “trading flattish” on the Q3 print given the recent move up in shares, more crowded positioning, and elevated expectations, the analyst tells investors. The firm still sees 2024 as a “transition year,” but says valuation and sentiment “offer downside support.”