Why Shares of PayPal Are Rising This Week
Shares of PayPal (NASDAQ: PYPL) had risen more than 16% this week as of market close Thursday after the company received bullish ratings from two analysts earlier in the week. Additionally, the Federal Reserve began raising its benchmark overnight lending rate, the federal funds rate, for the first time since 2018 at its March meeting held earlier this week.
Deutsche Bank analyst Bryan Keane reiterated his buy rating for PayPal, citing future tailwinds from the company's eventual expansion into China and further offerings on the platform ranging from card-based solutions and the integration of Zettle, its point-of-sale offering that it purchased in 2018. Keane has a price target of $200, implying substantial upside from PayPal's current stock price of roughly $112.
MoffettNathanson analyst Lisa Ellis also gave PayPal a buy rating and a $190 price target, saying that she sees potential from further recovery in China, new offerings on the platform, and growth from eBay in the U.S.
Source Fool.com
