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Why PayPal Stock Slumped Today
Shares of e-payments specialist PayPal Holdings (NASDAQ: PYPL) fell 5.2% in 2:10 p.m. EST trading Wednesday afternoon. You can blame Bernstein for that. In a note out this morning, investment banker Bernstein cut its rating on PayPal stock from outperform (i.e., buy) to market perform (i.e., don’t buy), and cut its price target on the stock more than 15% to $220 per share.