PayPal Holdings, Inc. shares have been on an impressive winning streak, rising nearly 70% with very little downside volatility over the past five months. Despite the significant gains, many analysts are confident that the stock has even more upside potential, and management continues to execute on its business plan. The company has not had an earnings miss since the third quarter of 2015 and has reported robust double-digit top-line growth over the past several years.
Evercore analysts recently increased their price target on PayPal to $81.00 per share from $68.00, saying that the transition from a product to a platform company creates significant competitive advantages and opportunities. At the same time, BITG analysts hiked their PayPal price target to $70.00 from $63.00, noting that the stock has plenty of room to grow thanks to the monetization of Venmo and the transition to an “asset-light credit model.” (See also: PayPal a Buy Despite eBay Exit Risk: Analysts.)
PayPal shares hit new 52-week highs, but the stock faces key trendline resistance levels moving forward. …read more
Read more here: PayPal Stock Extends Winning Streak but Faces Resistance