PayPal Stock Moves Lower on Analyst Downgrade

There's still room for additional bear notes

Digital Content Manager
Oct 20, 2023 at 11:03 AM
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PayPal Holdings Inc (NASDAQ:PYPL) stock is down 1.5% at $53.95 at last check, after a downgrade from UBS to "neutral" from "buy," as well as a price-target cut to $67 from $107.

Shares earlier dropped to a six-year low of $53.44, and carry a more than 24% year-to-date deficit. What's more, the stock has been facing pressure at its 20-day moving average since late September.

There's still room for pessimism to build among the brokerage bunch, which would push shares even lower. Of the 34 analysts in coverage, 14 carried a tepid "hold" rating coming into today. Additionally, the 12-month consensus target price of $81.36 is a 50.8% premium to current levels, suggesting more price-target cuts and/or downgrades could be on their way.

 

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