BTIG notes PayPal (PYPL) is trading 12% higher this morning from its Open AI partnership announcement to integrate PayPal into ChatGPT, and a beat-and-raise Q3 report with positive operating momentum across the business. The firm thinks most of the stock performance is driven from the Q3 results. On the Open AI announcement, BTIG has known PayPal wants to be a leader in agenetic commerce and has made prior announcements, and it thinks today’s announcement is a more tangible and nearer-term revenue opportunity. However, it doesn’t expect PayPal to have exclusivity within ChatGPT and therefore is cautious on expectations for the channel as other payment methods integrate with ChatGPT. On Q3 results, investor expectations were looking towards the lower end of guidance, so without the Open AI announcement BTIG would still expect PayPal shares to be higher today. The firm has a Neutral rating on the stock.
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