Previous months for PayPal (NASDAQ: PYPL) stock were less than exciting, but since 2024 started, this asset has posted healthy numbers, and investors are waiting to hear from the new CEO, Alex Chriss.
Namely, the newly appointed CEO argued that PayPal needs to deliver more innovation to its users in an interview on January 17.
“It is very clear what we need to do. 2024 will be a transition year for us. It’ll be all about execution, and it starts with innovation.”
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The specifics of his innovative ideas will be unveiled during the company’s upcoming innovation day, which is set for January 25.
At the time of press, PYPL stock was trading at $65.82, with an increase of 6.01% since the previous closure and a 6.40% gain in the last five trading sessions. Since the start of the year, this stock added 7.09% to its value.
Some analysts forecasted this rise before the CEO’s announcement and entered into positions with over 40% expected upside from the price levels at the time, according to a post on X by stock expert Gurgavin Chadhoke on January 19.
Wall Street target for PYPL stock
The newly founded vigor and promise to ‘shock the world’ have indeed reflected on the stock, as it now receives a ‘moderate buy’ rating from analysts at TipRanks, with a price target set at $71.29 with an 8.31% upside from the current value.
The story is pretty similar for the analysts from TradingView, as they give this stock a ‘buy’ rating with a target of $72.24, which means an increase of 9.76% from the current level.
Of 47 polled analysts, 20 gave it a ‘strong buy’ recommendation, 3 went for a ‘buy,’ 23 advised ‘hold,’ and only one ‘strong sell.’
Whether this stock will prove to be the gem in 2024 that investors are looking for due to the promised innovations that will ‘shock’ us remains to be seen. As of now, things are looking promising.
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