Business
PayPal stock could surge 23% to $300 on its cryptocurrency move, according to this analyst
This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.
Paypal Holdings Inc (NASDAQ: PYPL) made headlines late last year when the company announced a move into cryptocurrency. One analyst believes that the full measure of that opportunity isn’t yet baked into its price and could drive PayPal stock to a new all-time high.
BTIG analyst Mark Palmer upgraded the stock to buy from neutral (hold), saying it would gain traction from its nascent cryptocurrency platform, which could add more than $1 billion in revenue to PayPal’s coffers by 2022.
PayPal is using crypto brokerage Paxos to power its cryptocurrency transactions. The company “has seen its trading volumes rise impressively…
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