Cantor Fitzgerald analyst Youssef Squali downgraded eBay (EBAY) to Hold with a post-PayPal (PYPL) spin-off price target of $27. The stock closed yesterday down 16c to $26.20. Despite management's success in stabilizing Marketplaces, eBay's turnaround remains a "work-in-progress," Squali tells investors in a research note. Same-store-sales data for July and August suggest low- to mid-single-digit growth year-over-year, which is far behind e-commerce's annual growth of 15%-20%, the analyst writes. He views eBay as fairly valued at current levels and lacking near-term catalysts. The analyst has a Buy rating on PayPal with a $45 price target.

DMG Blockchain Solutions (DMGGF) announced a strategic collaboration with PayPal (PYPL) and Energy Web to explore ways to decarbonize the Bitcoin blockchain. The companies are working together on developing methods for transacting on the Bitcoin network which would expand its use as a carbon neutral payment rail, thus advancing its application. DMG, Energy Web, and PayPal are working together to publish a research paper, which we collectively believe will benefit users of the Bitcoin network who would like to take advantage of carbon neutral options in their transactions. PayPal, with its focus on developing its bitcoin payment rail, has been a leader in new payment technologies with the introduction of its enhanced services by integrating blockchain technology, launching the PayPal USD stablecoin with Paxos Trust Company in August 2023 for efficient transactions.