Jefferies analyst Jason Kupferberg raised his price target for PayPal (PYPL) to $48 citing increased confidence in the company's execution as well as the recent rise in market multiples. The Q1 earnings report on April 27, the analyst day on May 18 and a revised operating agreement with Visa (V) could serve as share catalysts over the next few months, Kupferberg tells investors in a research note. The analyst expects PayPal to report strong Q1 results and keeps a Buy rating on the shares. He says the stock remains under-owned despite the year-to-date outperformance. PayPal closed yesterday up 84c to $40.08.