PayPal (PYPL) PT Lowered to $51 at Mizuho

Mizuho analyst Dan Dolev lowered the price target on PayPal (NASDAQ: PYPL) to $51.00 (from $60.00) while maintaining a Neutral rating.

The analyst commented: "With Stripe walking away, the market's attention shifts back to PayPal's fundamentals, which we believe are facing challenges on 3 major fronts: (1) Branded checkout is increasingly facing commoditization risk. (2) Germany, where PYPL is the dominant player, is seeing growing risk of share loss. (3) Venmo, arguably the prime asset Stripe would have acquired, faces a potential disruption risk from Elon's X-Money, which could chip away with high deposit yields and global ubiquity. While branded growth showed stability in 2Q, we believe this was largely a function of stable discretionary spend, plus at ~2% growth is still meager in absolute terms. We remain on the sidelines. Reiterate Neutral, lower PT to $51 on fading NT M&A upside."

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