Morgan Stanley downgraded PayPal (PYPL) to Underweight from Equal Weight with a price target of $51, down from $74. The firm says the improvements to the company’s branded checkout integrations will be “slow and complex.” Morgan Stanley believes PayPal will see “sluggish” dollar growth through 2028 on share loss, take rate degradation, and lack of Venmo monetization. In addition, the agentic narrative will be an overhang on the shares, adds the firm. Morgan Stanley downgraded PayPal after lowering its earnings and margin estimates.
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