PayPal(US:PYPL) 智通财经网·2025-10-14 06:40Group 1 - Goldman Sachs downgraded PayPal's rating to "Sell" due to pressure on profit margins and a slowing growth path towards 2026, setting a new target price of $70 [1] - The downgrade reflects increasing investor concerns about profit margin pressures and growth slowdowns in the digital payments sector [1] - PayPal faces multiple headwinds in the coming year, including persistent interest rate pressures, diminishing benefits from existing credit products, and reduced pricing effectiveness in its Braintree business [1] Group 2 - Goldman Sachs highlighted challenges in promoting its brand checkout service, particularly in the German market and disruptions from changes in U.S. tariffs and small exemption policies, alongside competition from digital wallet rivals [1] - Analysts noted that if core business growth does not accelerate, combined with the expiration of several one-time benefits in 2026 and ongoing interest rate headwinds, transaction profit margin growth may fall below market expectations [1] - Goldman Sachs currently forecasts a transaction profit margin growth of approximately 3% for PayPal in 2026, compared to the market's expectation of around 5% [1] Group 3 - The firm warned of rising operational cost risks as PayPal increases marketing efforts for its "buy now, pay later" products, recently launching a 5% promotional offer [1] - This increase in marketing expenditure is expected to further drag down earnings per share, with significant downside risks [1] - The downgrade coincides with a broader reassessment of technology and payment stocks, with Goldman noting a roughly 5% decline in average coverage since the recent earnings season, leading to cautious investor sentiment towards Q4 earnings [1] Group 4 - In addition to PayPal, Goldman Sachs also downgraded Marqeta to "Sell" but remains optimistic about the short-term prospects of a few companies, including FIS, Toast, and Globe Life [2]