It didn't help that Apple Inc. (AAPL) - Get Report announced its customers would be able to send money to friends and family via Apple Pay, too. Or that Square (SQ) - Get Report has been trading off of cryptocurrency news now that users can buy and sell bitcoin on Square's Cash app.
But on Wednesday, PayPal's stock tried to work its way higher, climbing after three different analysts came out with positive reports.
The first, Nomura Instinet's Bill Carcache bumped his price target to $82 from $79 on the expectation that PayPal can boost its buyback capacity. The company has $7 billion in liquidity and another $13 billion at hand. Given PayPal's $88 billion market cap, that's some serious firepower it could deploy in a buyback effort. Further, Carcache says PayPal can continue funding growth opportunities.
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$82 would be a new 52-week and all-time high for PayPal stock. But BMO analyst Paulo Ribeiro sees an even higher outcome, bumping his price target to $85 from $80. He argues that PayPal will experience "lower dilution and more cash from the sale of its U.S. consumer credit receivables portfolio announced last month."
Wedbush analyst Moshe Katri is also bullish on PayPal, as well as Vantiv (VNTV) , acknowledging that the biggest threat potential comes from Amazon.com, Inc. (AMZN) - Get Report potentially entering the payment space. Katri remains neutral on payroll processing companies like Automatic Data Processing (ADP) - Get Report and Paychex (PAYX) - Get Report .
Wedbush has a $78 price target on PayPal.
So far, the impact has been positive on PayPal, with the stock up 0.45% to $73.95. However, it's well off the session high of $75.42.
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This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.