Toward the end of November, PayPal (PYPL) , along with a number of other tech companies, took a spill.
It didn't help that Apple Inc. (AAPL) announced its customers would be able to send money to friends and family via Apple Pay, too. Or that Square (SQ) 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.
- Why PayPal and Amazon Might Be Black Friday and Cyber Monday's Biggest Winners
- Apple Watch Now Supports Apple Pay Cash
- Square's Stock Pops as New Bitcoin Business Balloons
$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) potentially entering the payment space. Katri remains neutral on payroll processing companies like Automatic Data Processing (ADP) and Paychex (PAYX) .
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.
More of What's Trending on TheStreet: