PayPal Holdings Inc.vaulted over American Express Co. in terms of market value this week, punctuating a rally that has pushed up the payments company’s shares by nearly 75% since the start of 2017.
The San Jose, Calif., company has enjoyed breakneck growth in both e-commerce and mobile money transfers. Its market capitalization stands at about $83 billion, nearly double the $47 billion value it had when it spun off from eBay Inc. a little over two years ago. PayPal is even gaining ground on Wall Street titans. Its market value is now about $6 billion less than Morgan Stanley ’s and about $10 billion less than that of Goldman Sachs Group Inc.
The strong share gains for the company run by former AmEx executive Dan Schulman have fueled investor debate about its prospects. On Wednesday, analysts at Morgan Stanley upgraded PayPal’s stock, writing that it “is among the few large companies that can deliver high-teens revenue [growth] … with significant upside opportunities.” Read more at The Wall Street Journal.