Monness Crespi notes PayPal (PYPL) delivered upside to revenue, EBITDA, EPS and 2025 guidance with transaction margin and EPS ahead of consensus. Today’s reaction reflects a potentially higher whisper number, a misunderstanding of how Visa (V)/MasterCard (MA) volume growth algo differs from consumer facing payments companies thus making comparison to PayPal volumes somewhat incongruous, and underestimation of the speed at which PSP would be pruned, the firm argues. Monness is a buyer on weakness, keeping a Buy rating on PayPal shares with a price target of $120.
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