PayPal downgraded to Neutral from Outperform at Mizuho

Mizuho downgraded PayPal (PYPL) to Neutral from Outperform with a price target of $50, down from $60. The firm sees rising competitive and fundamental headwinds for PayPal and Venmo. PayPal and Venmo will face the “most direct substitution risk” as X targets the same people-to-people and wallet entry points, the analyst tells investors in a research note. Mizuho says X also adds longer-term risk to PayPal’s branded checkout via native social commerce.