KeyBanc analyst Josh Beck is a buyer of PayPal (PYPL) on the pullback and sees an attractive risk/reward for a leading 100% e/m-commerce franchise. The analyst notes he has built a pro forma 2023 model, breaking out eBay-branded (EBAY) versus unbranded. Beck forecasts significant branded checkout retention, as the bulk of change could come from new customers whom change habits, which is likely small relative to 170M existing eBay users. Net-net, he calculates a high-single-digit percentage 2023 operating profit risk, which could be offset via buybacks, Venmo upside, partner share gains, or M&A. The analyst reiterates an Overweight rating and $90 price target on PayPal shares.

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Unusual total active option classes on open include: Wrap Technologies (WRAP), AstraZeneca (AZN), JetBlue (JBLU), United Continental (UAL), Taiwan Semi (TSM), Nokia (NOK), EBay (EBAY), Maplebear Inc (CART), Airbnb (ABNB), and UnitedHealth (UNH).