Baird downgraded PayPal (PYPL) to Neutral from Outperform with a price target of $66, down from $83. The firm believes the combination of “uneven” transaction volumes in Q4 and another investment cycle coming in 2026, along with uncertain timing around broader platform improvements mean that a “clearing event” for the stock is less likely near term. PayPal shares will be range bound until the company posts market share gains, the analyst tells investors in a research note.
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