PayPal price target lowered to $65 from $75 at Jefferies

Jefferies lowered the firm’s price target on PayPal (PYPL) to $65 from $75 and keeps a Hold rating on the shares as part of a Q1 earnings preview. The company’s fundamental backdrop is getting more challenging with risk of branded payment volume slowing beyond the leap year impact, the analyst tells investors in a research note. Further, the firm believes PayPal’s competitive narrative is unlikely to improve with Apple Pay on desktop still early days. PayPal’s China-U.S cross-border exposure is an “emerging wild card” which could impact the company’s fiscal year growth if volumes are meaningfully hit, contends Jefferies.