PayPal Holdings, Inc. PYPL reported better-than-expected earnings for its third quarter, but issued sales guidance below analyst estimates.
PayPal reported third-quarter revenue of $6.85 billion, up 11% year-over-year. The total revenue beat a Street estimate of $6.82 billion. The company reported earnings per share of $1.08 in the third quarter, beating a Street estimate of 96 cents per share.
For the fourth quarter, PayPal said it expects earnings per share in a range of $1.18 to $1.20. The company sees fourth-quarter revenue hitting $7.375 billion, up 7% year-over-year. Analysts are targeting $7.74 billion in revenue and earnings per share of $1.18.
PayPal shares fell 3.3% to $74.02 in pre-market trading.
These analysts made changes to their price targets on PayPal following the release of quarterly results.
- Raymond James cut price target on the stock from $123 to $107. Raymond James analyst John Davis maintained an Outperform rating on the stock.
- Credit Suisse lowered PayPal price target from $110 to $100. Credit Suisse analyst Timothy Chiodo maintained an Outperform rating on the stock.
- Stephens & Co. reduced the price target on PayPal from $105 to $80. Stephens & Co. analyst Charles Nabhan maintained an Equal-Weight rating on the stock.
- Truist Securities cut price target on PayPal from $90 to $75. Truist Securities analyst Andrew Jeffrey maintained the stock with a Hold.
Image and article originally from www.benzinga.com. Read the original article here.