PayPal price target raised to $84 from $74 at RBC Capital

RBC Capital raised the firm’s price target on PayPal to $84 from $74 and keeps an Outperform rating on the shares. The firm said that PayPal’s new management team is off to a “strong and credible” start, continuing to drive improvements in product innovation while creating transparency and realistic expectations in guidance. Specifically, RBC would call out the combination of better-than-expected total payment volume growth, absolute dollar transaction margins, and adjusted earnings per share.