Wells Fargo sets equal-weight ratings on both payments stocks
PayPal Holdings Inc. and Block Inc. shares are each controversial on Wall Street, and Wells Fargo analyst Andrew Bauch expects they’ll stay that way.
“Checks suggest is increasingly aggressive in capturing and defending share,” Bauch wrote. “We question whether this approach can deliver margin expansion and revitalize the top line simultaneously.”PayPal PYPL, +1.44% has been picking up market share in “low-complexity segments” and seeing success, according to Bauch, but he worries about the impact on margins.
Block’s “thematic story continues to evolve … with management’s shifting focus to sustainable profitable growth defined by medium-term aspirations for ‘Rule of 40′” performance, based on the sum of its gross-profit growth and adjusted-operating-income margin, he wrote.
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