Is PayPal stock a ‘buy’ ahead of Q1 earnings

By:
on Apr 29, 2024
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  • Deutsche Bank analyst sees upside in PayPal to $74 per share.
  • $PYPL is scheduled to report its Q1 earnings on April 30th.
  • PayPal stock has gained some 20% in close to three months.

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PayPal Holdings Inc (NASDAQ: PYPL) has returned about 20% since early February but a Deutsche Bank analyst is convinced the stock could gain further in coming weeks. 

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PayPal stock has upside to $74

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Bryan Keane reiterated his “buy” rating on the financial technology giant last week and said its shares could climb to $74 – up another 11% from here. 

The analyst sees risk-reward in PayPal stock as favourable now that it’s committed to lowering friction in its branded business and improving pricing in the unbranded under the new management. 

As a result, we think the setup for $PYPL is more positive than it has been in some time, given FY24 expectations have been reset and new CEO’s agenda begins to take form in FY24.

PayPal is scheduled to report its Q1 earnings on April 30th. 

Here’s what $PYPL technicals tell us

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Consensus is for PayPal Holdings Inc to earn 92 cents a share in its first quarter versus 86 cents per share a year ago. 

Bryan Keane recommends owning PayPal stock also because Alex Chris who took its helm in September of 2023 is focusing on revitalising Venmo in a bid to reverse market share loss. 

He’s right-sizing $PYPL and may also opt to divest non-core assets as well, the Deutsche Bank analyst added. 

Other than Deutsche Bank, analysts at RBC Capital also remain bullish on PayPal stock. Note that shares of the company based out of San Jose, California have recently rallied back from its 200-day moving average. 

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