Shares of online payment services firm PayPal (PYPL) - Get Report were climbing over 1.2% during the first hour of trading on Wednesday following an upgrade of the stock at Pacific Crest to "Overweight" from "Sector Weight" with a $60 price target.

Pacific Crest analyst Josh Beck noted that investments PayPal has made, especially into the mobile payment app Venmo, are beginning to shift from investments and are coming into the "realm of harvesting" as they mature.

"The narrative may now shift to harvesting "Choice" benefits, including better net adds, churn, opex, and an underappreciated international opportunity," Beck wrote. "Following a broad technology investment, the Venmo strategy, and simple web checkout in particular, may provide some downward pressure on funding costs in 2H17 and beyond. A potential "Virtual Cash Card" launch also offers an attractive monetization model."

Beck added that PayPal maintains a significant moat and its e-commerce "complexity" diminishes competitive risks.

What's Hot On TheStreet

Alibaba's Jack Ma woos Detroit: TheStreet has spent the past two days in Detroit covering Alibaba's (BABA) - Get Report big hiring event in Detroit. We have had the opportunity to talk with Alibaba and take in how the Chinese tech company plans to grow jobs in America. But the real showstoppers have been the presentations with Alibaba's executive chairman Jack Ma, who as always hasn't been short on bold proclamations.

Said Ma in a keynote address Tuesday evening, "If you don't sell products in China, you will miss the future." Ma and other Alibaba executives have also sought to downplay the comparison to Amazon (AMZN) - Get Report . After spending a few days in Alibaba land, you understand where they are coming from. But, you are also reminded of how dominant Amazon is in the United States in so many categories (one soon to be organic food via Whole Foods (WFM) ).

Tesla mania continues: Tesla's (TSLA) - Get Report market cap is $60 billion and growing. At this point, Wall Street's obsession with all things Tesla has gotten out of control. Thestreet's Annie Palmer drills down into news Tesla could be opening a car-making plant in China. The last thing President Trump needs is a fight with Elon Musk on this one, Palmer reports.

Uber's embattled founder resigns: Uber Technologies Inc. founder and CEO Travis Kalanick has resigned from the ride-sharing company, TheStreet reports. The move comes just days after he was asked to take a leave of absence in the wake of a report into allegations of discrimination and bullying at the world's startup.

"I love Uber more than anything in the world and at this difficult moment in my personal life I have accepted the investors request to step aside so that Uber can go back to building rather than be distracted with another fight," Kalanick said in a statement given to the New York Times, which originally reported his departure.

Here is what Uber co-founder Garret Camp had to say this week about Uber's culture.

Check out TheStreet's new series: TheStreet has officially launched a new video series called Alpha Rising, where we will showcase all of the amazing women in business. TheStreet's Tracy Byrnes sits down with some of the top women kicking butt in business such as Birchbox' CEO Katia Beauchamp, who revolutionized the beauty business.

Worried about how to pay for your golden years? Ken Fisher, founder of Fisher Investments, and TheStreet's Jim Cramer will tell you what you need to know in a June 21 webinar on the market trends that are shaping retirement planning today. Register here for the event, which starts at 11 a.m. ET.

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