Shares of PayPal Holdings Inc. (PYPL) - Get Report   close little changed on Wednesday after Guggenheim analyst Jeff Cantwell downgraded the company's stock to neutral from buy and removed his previous price target of $95. 

Competitive pressures, including a diminished role in its relationship with eBay Inc. (EBAY) - Get Report  and Amazon.com Inc.'s  (AMZN) - Get Report focus on switching its merchants over to Amazon Pay will likely affect the company's earnings in the short term, Cantwell said.

The positives about PayPal "appear to be well-understood, and already reflected in the valuation," he wrote in a note to clients. "Further, Amazon is beginning to make inroads with merchants with its Amazon Pay button," Cantwell said.

Cantwell also noted that total payment volume, or TPV growth, will likely be affected by the potential loss of cross-border trade between the U.K. and the EU following Brexit, Cantwell said, adding that eBay choosing a new payments provider also will put additional pressure on PayPal. 

Cantwell also lowered his earnings-per-share estimates for PayPal for 2019 and 2020, from $2.95 to $2.88 and from $3.48 to $3.42, respectively.

To be sure, not all analysts feel PayPal is about to hit a bump. 

Among non-Amazon merchants, more added PayPal as a form of payment last quarter than other payments options such as Amazon Pay and bitcoin, according to a recent report from Morgan Stanley's James Faucette.

Shares of PayPal fell 2 cents to close at $92.25 in trading on the Nasdaq Stock Exchange. PayPal's stock has gained about 9% over the past three months.

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