Why PayPal Holdings Stock Was Up Despite Analyst Downgrade
Shares of PayPal Holdings (NASDAQ: PYPL) were trading up 4.9% as of 12:49 p.m. ET on Wednesday. The move comes after Bank of America (BofA) downgraded the stock from a buy to hold.
However, a lift in broader market sentiment is winning out today. At the time of writing, the S&P 500 index was also up 2.8% as investors digest the latest developments in Ukraine and possibly seek out bargains on the dip.
Analyst Jason Kupferberg with BofA cited reasons that don't hinge on PayPal's long-term competitive position but instead are based on short-term headwinds. The analyst sees PayPal entering a "transition year" that could weigh on the stock price.
Source Fool.com
