Loop Capital analyst Joseph Vafi raised his price target on PayPal (PYPL) to $80 after its acquisition of Hyperwallet yesterday, saying that it is a "strategically positive" action moving the company into an "adjacent" payments arena. The analyst notes that the deal will help move PayPal closer to providing traditional banking services like debit cards and checking accounts while making the company more competitive with other firms like Green Dot (GDOT) that are already providing these services. Vafi keeps his Hold rating on PayPal, warning that the company's "multiple could come under pressure, if take rates and transaction margins continue their declines".

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.