Bernstein lowered the firm’s price target on PayPal (PYPL) to $80 from $94 and keeps a Market Perform rating on the shares. The firm cites the change in macroeconomic conditions, where high-beta names are impacted more. Despite a series of false starts, Venmo targets of $2B-plus revenue by 2027 appear achievable on some low-hanging fruit, Bernstein adds.
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