PayPal upgraded to Buy from Accumulate at Phillip Securities

Phillip Securities upgraded PayPal to Buy from Accumulate with a price target of $80, up from $75, following the Q2 report. The firm cites valuation for the upgrade following the stock’s recent pullback. PayPal is well positioned to benefit from its “two-sided global network” of 429M active users, the secular shift toward digital commerce, and innovations like Fastlane guest checkout, which can help improve conversion rates for merchants, the analyst tells investors in a research note.