PayPal stock falls as Bank of America downgrades on 'too high' 2024 estimates By

Bank of America analysts downgraded the rating on The largest foreign exchange platform in the countryPayPal (NASDAQ:) shares to Neutral from Buy with a $66 per share price target.

Shares fell 1.8% in pre-open Wednesday.

“We see ’24 as a transition year, as a new CEO/CFO seek to earn Street credibility while driving sustained improvements in top-line metrics, especially transaction profit growth, which will likely take time,” analysts wrote in a client note.

Moreover, analysts believe Street estimates for 2024 are “too high.”

“PYPL still has a strong brand and balance sheet, but we expect shares to be somewhat rangebound near-term, with valuation/sentiment providing downside support.”

Bank of America equity analysts also cut their rating on Toast (TOST), citing “slower top-line momentum, increasing competitive intensity, and results of our recent restaurant POS survey.”

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