PayPal Holdings Inc PYPL reported better-than-expected earnings for its second quarter.
PayPal reported revenue of $6.8 billion for the second quarter, up 9% year-over-year. The revenue came in ahead of a Street estimate of $6.78 billion. The company reported non-GAAP earnings per share of 93 cents for the second quarter versus analyst estimates of 86 cents per share.
PayPal shares jumped 13.4% to $101.60 in the pre-market trading session.
Several analysts made changes to their price targets on PayPal following the release of results.
- Keybanc raised price target on PayPal from $100 to $115. However, Keybanc analyst Josh Beck maintained the stock with an Overweight.
- JMP Securities lifted boosted PayPal’s price target from $100 to $120. However, JMP Securities analyst David Scharf maintained the stock with a Market Outperform rating.
- Credit Suisse boosted the price target on the stock from $95 to $110. However, Credit Suisse analyst Timothy Chiodo maintained PayPal with an Outperform.
- Wells Fargo raised PayPal’s price target from $97 to $123. However, Wells Fargo analyst Jeff Cantwell maintained an Overweight rating on the stock.
- Morgan Stanley increased the price target on the stock $129 to $134. However Morgan Stanley analyst James Faucette maintained PayPal with an Overweight.
- Evercore ISI Group boosted price target on the stock from $124 to $136. However, Evercore ISI Group analyst David Togut maintained PayPal with an Outperform.