BMO Capital analyst James Fotheringham upgraded PayPal Holdings Inc. to Outperform from Market Perform with a price target of $224, down from $278. The price target implies an 18.8 percent upside.
Fotheringham cites valuation for the upgrade following 2021’s “de-rating,” where the stock went down from 51x to 28x on a rolling two-year-forward price-to-earnings basis.
