BofA Global Research broke its neutral stance on PYPL and SOFI
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.