PayPal price target lowered to $93 from $103 at BofA

BofA analyst Jason Kupferberg lowered the firm’s price target on PayPal (PYPL) to $93 from $103 and keeps a Buy rating on the shares ahead of the quarterly report due on on April 29. Q1 is unlikely to be the quarter when measurable progress against strategic initiatives accelerates branded TPV growth, the analyst tells investors. While the firm believes that Q1 consensus profit and loss estimates are “achievable,” it adds that Q1 branded TPV growth could come in on the lower end of the full-year mid-single digit growth guidance range. The firm trims its target 2026 P/E multiple to account for macro risks, BofA noted.