PayPal falls after Morgan Stanley cuts to 'underweight'

Payments firm PayPal's PYPL.O shares down 1.6% at $59.22 premarket, after Morgan Stanley downgrades to 'underweight'

Cuts PT to $51 from $74, lowest among brokerages covering the stock and implying a 15% downside from last close - data compiled by LSEG

Morgan Stanley says co moved too slowly on improving branded checkout, and recent initiatives under new management are proving to be complex and time-consuming

MS believes agentic commerce could grow into a significant narrative risk to PayPal's business

Sees increased risk of downward adj. EPS revisions

As of last close, stock down 29.5% YTD