Shares of PayPal Holdings Inc (NASDAQ: PYPL) came down nearly 20% in November after shareholders were left disappointed on lower-than-expected quarterly revenue and weak guidance for the future.
The stock is now in the red for the year, and Jon Najarian says today is when you buy.
Najarian bought PayPal at around $180
On CNBC’s “Halftime Report”, Najarian agreed that he always thought the world of PayPal, but it was too overpriced for him to take a position.
At the current levels, with the forward PE in the 30s, it’s now reasonable. It’s a company that has incredible growth. They got a great balance sheet. They continue to make incredible acquisitions, they are going more into crypto all the time with wallet. There’s a lot of things they’re doing right.
The current consensus among 47 analysts covering PayPal is to buy the stock with the median price target of $275 that represents a 50% upside from here. That’s still lower than $308 a share that fintech giant printed in late July.
Brown agrees with the ‘buy’ call on PayPal
Josh Brown also agreed on the “Halftime Report” that the ongoing volatility was creating great buying opportunities for investors; PayPal being one of them.
Look at some of the highest quality companies in America trading up to 30% down from their highs. PayPal is a great example. Square is another. These companies are going to rule the future, and you could buy them almost cut in half from their July or August highs.
On Wednesday, PayPal partnered with Wix to let merchants offer buy now pay later (BNPL) option via a dedicated “Pay Later” checkout button.
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