PayPal Holdings Inc (PYPL) stock is seeing a boost after receiving positive analyst coverage from JPMorgan and revealing an expanded partnership with Adyen, a global financial technology platform. This collaboration is set to speed up guest checkout processes for businesses.
JPMorgan analyst Tien-Tsin Huang maintained an Overweight rating for PayPal and raised the price target from $77 to $80. This positive sentiment follows a trend of analysts increasing their price targets for PayPal stock since the company reported better-than-expected earnings at the end of July.
The expanded partnership with Adyen focuses on enabling PayPal to offer its Fastlane feature to accelerate guest checkout flows for enterprise and marketplace customers in the U.S. The companies intend to roll out this offering globally in the future. Fastlane, which was made generally available earlier this month, promises to reduce checkout time by 32% compared to traditional guest checkout methods.
Alex Chriss, president and CEO of PayPal, highlighted the significance of the partnership, stating that Adyen’s customer base and enterprise relationships make them the ideal first partner for Fastlane payment processing. He emphasized that this strategic collaboration aligns with PayPal’s goal to make its services available everywhere customers shop globally.
Chriss also highlighted the evolution of PayPal into a platform of choice for large commerce brands, technology companies, and payment processors. This platform enables seamless and connected commerce experiences for hundreds of millions of consumers and businesses worldwide.
PayPal and Adyen have a long-standing partnership, allowing Adyen’s customers to offer PayPal, Venmo, and PayPal’s Buy Now, Pay Later solutions. The companies plan to continue exploring solutions that enhance consumer experiences and drive value for enterprise businesses.
This positive news and strategic partnership contribute to the optimistic outlook for PayPal stock.
