BoFA Global Research Weighs in on 2 Fintech Stocks

PayPal stock hit a 2-year high today

Jake Scott

Deputy Editor

Dec 9, 2024 at 12:41 PM

SOFI
PYPL

PayPal Holdings Inc (NASDAQ:PYPL) and SoFi Technologies (NASDAQ:SOFI) are moving in opposite directions, after BofA Global Research broke its neutral stance on the two fintech firms.

PayPal stock was last seen 0.4% higher at $90.27 and earlier hit a fresh two-year high of $93.58, after the analyst upgraded the stock to "buy" from "neutral" and raised its price objective to $103 from $86. In its note, the firm said PayPal is seeing increased turnaround, roughly a year after shaking up management. In addition, KBW raised its price target from $92 up to $104. Year over year, PYPL is up 53.2%.

BofA Global Research also downgraded Sofi Technologies stock to "underperform" from "neutral," pushing shares 1.8% lower to $15.74 at last glance. The brokerage said SOFI is "priced to perfection" following a massive rally. Over the last three months, the security added 123.8%, and it now stands 58.2% higher on the year.

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