Solid quarter but Q3 guidance light
Q2 was broadly in line, with non-GAAP EPS matching consensus after adjusting for non-operating investment gains. CY18 guidance was raised but the Q3 outlook fell short of expectations. While this was not a standout quarter, we remain Overweight viewing PayPal's core checkout as differentiated in an attractive long-term growth market. Our $99 PT requires a two turn moderation to the non-GAAP PE to 31x based on the after hours price of $87.PayPal Holdings is a technology platform and digital payments company that enables digital and mobile payments on behalf of consumers and merchants worldwide. The company's combined payment solutions include its PayPal, PayPal Credit, Braintree, Venmo, Xoom and iZettle products and services. PayPal's payment solutions enable the company's customers to send and receive payments. PayPal helps merchants and consumers connect, transact, and complete payments, whether they are online, on a mobile device, in an app, or in person. The company provides proprietary payment solutions accepted by merchants that enable the completion of payments on the company's Payments Platform on behalf of its customers.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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