PayPal’s stock cruises toward best day in almost a year

PayPal Holdings Inc.’s stock
PYPL,
+6.58%
was on track for its best single-day percentage gain in nearly a year Thursday, amid Wall Street optimism for the company’s new leadership team. PayPal shares were ahead 5.9% in afternoon trading, which would make for their largest one-day percentage rally since Nov. 10, 2022, according to Dow Jones Market Data. PayPal late Wednesday named its next chief financial officer, and its new chief executive, who started in late September, struck a chord with Wall Street as he talked up plans to deliver profitable growth. “We do not believe PYPL is a value trap, despite well-understood risks,” Truist Securities analyst Andrew Jeffrey wrote in a note to clients. “Our conviction in this comment reflects a view that PayPal still occupies an important position in the eCommerce ecosystem, embodied by dual consumer and merchant value propositions that are difficult for competitors to match.” PayPal shares are down 23% so far this year, as the S&P 500
SPX,
+1.89%
has increased 12%.