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PayPal Holdings Inc (NASDAQ:PYPL) reported a revenue beat for the third quarter on Tuesday and announced a partnership with ChatGPT-parent OpenAI, according to JPMorgan.
The PayPal Holdings Analyst: Analyst Tien-tsin Huang reiterated an Overweight rating and a $85 price target.
The PayPal Holdings Thesis: The company's revenues grew 7% year-on-year, ahead of Street expectations of 4%, "on broad-based drivers,"Huang said in the note.
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Under the collaboration with OpenAI, PayPal would adopt the Agentic Commerce Protocol (ACP), which allows PayPal's consumers to use ChatGPT's instant checkout and PayPal's merchants to sell through ChatGPT, he added.
The collaboration comes on the heels of similar deals with Perplexity, Alphabet and Mastercard, the analyst stated.
"We are just at the starting line of the agentic race, so we would prefer to add it to the pile of many promising initiatives at PayPal, waiting for the dam to break and let branded checkout accelerate," he further wrote.
PYPL Price Action: PayPal shares were down 3.04% at $70.79 at the time of publication on Wednesday, according to Benzinga Pro data.
PayPal, with a market cap of $66.62 billion, is currently trading near the lower end of its 52-week range of $55.85 to $93.66, reflecting ongoing challenges in the financial services sector.
Its P/E ratio of 14.66 suggests a valuation that may be attractive compared to historical averages for tech-driven financial companies,
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Posted In: PYPL
