As previously reported, Stifel analyst Scott Devitt upgraded PayPal (PYPL) to Buy from Hold after the company hosted its second analyst day since its separation from eBay (EBAY), stating that he believes PayPal is in the early stages of transforming from an online checkout company to a global payments platform. He notes that during the event management raised its medium-term outlook for revenue growth and non-GAAP operating margin and Devitt believes its Consumer Choice initiative and newer geographies and consumer segments should support a longer-term growth profile, he tells investors. Devitt raised his price target on PayPal shares to $99 from $82 after raising his long-term topline growth estimates.

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.