PayPal(PYPL.US)一月内三遭评级下调 大摩也加入看空阵营

Core Viewpoint - PayPal has faced a downgrade in ratings from analysts for the third time this month, primarily due to slow progress in improving its brand payment integration features, which has not effectively driven user growth as expected [1] Group 1: Analyst Downgrades - Morgan Stanley downgraded PayPal's rating from "Neutral" to "Underweight" due to concerns over the complexity and time required for brand payment integration improvements [1] - Bank of America Securities also lowered its rating, agreeing with the assessment of slow recovery in PayPal's brand payment growth [1] - JPMorgan had previously downgraded PayPal's rating earlier in the month [1] Group 2: Challenges Ahead - Analyst James Faucette highlighted that PayPal faces additional challenges before 2026, including slow profitability progress with its younger user base, Venmo, and potential narrative risks from "smart e-commerce" developments [1] - The report indicates that due to slowing growth, there is an increasing risk of downward adjustments to PayPal's earnings per share, as the company is expected to continue investing to address these challenges and mitigate market share loss through marketing efforts [1] Group 3: Financial Management - PayPal's CFO Jamie Miller stated that the company is managing operational expenses with a high level of discipline to support growth, while maintaining strong free cash flow performance [1]