PayPal shareholders have been on a wild ride over the last five years. The digital payment giant’s stock peaked in the aftermath of the pandemic, hitting the $310 threshold in July 2021 after its price nearly tripled in the span of three years. Shares then shed those gains and more, however, approaching the $50 mark in late October of last year before gaining 80% since.
Despite the recent volatility, Bank of America is optimistic about the company’s immediate future under CEO Alex Chriss, who replaced longtime chief executive Dan Schulman last September. The team, led by senior analyst Jason Kupferberg, said the company’s turnaround is showing increased progress, warranting a higher valuation multiple. With the stock trading around the $90 mark Monday afternoon, the analysts raised their price target to $103 from $86.
