PayPal stock falls as Bank of America downgrades on 'too high' 2024 estimates

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PayPal stock falls as Bank of America downgrades on 'too high' 2024 estimates
Credit: © Reuters.

Bank of America analysts downgraded the rating on PayPal (NASDAQ: PYPL ) shares to Neutral from Buy with a $66 per share price target.

Shares fell 1.8% in pre-open Wednesday.

“We see ’24 as a transition year, as a new CEO/CFO seek to earn Street credibility while driving sustained improvements in top-line metrics, especially transaction profit growth, which will likely take time,” analysts wrote in a client note.

Moreover, analysts believe Street estimates for 2024 are “too high.”

“PYPL still has a strong brand and balance sheet, but we expect shares to be somewhat rangebound near-term, with valuation/sentiment providing downside support.”

Bank of America equity analysts also cut their rating on Toast (TOST), citing “slower top-line momentum, increasing competitive intensity, and results of our recent restaurant POS survey.”

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