PayPal Beats Q3 Estimates and Buys Back Stock Despite Challenges; Remains an Attractive Long-Term Asset
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PayPal beat Q3 earnings estimates, raised full-year guidance, and continues aggressive share repurchases despite headwinds.
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Venmo growth is slowing but remains a key asset, while new crypto transfer services could drive future growth.
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PayPal trades at a historical discount on valuation metrics like P/E and P/S.
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EU economic weakness and competition are risks, but upside potential if global growth recovers.
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Initiated at Buy; attractive asset ahead of expected 2024 Fed rate cuts.