Macquarie analyst Paul Golding downgraded PayPal (PYPL) to Neutral from Outperform with a price target of $50, down from $58. The company reported a Q1 beat but its Q2 outlook disappointed, the analyst tells investors in a research note. The firm believes PayPal’s $1.5B cost saving plan is back-end loaded. The company’s transformation will take time as well, contends Macquarie.
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