PayPal slides after downbeat annual forecast, CEO change

Shares of payments firm PayPal PYPL.O fall 15.6% to $44.20 premarket

PYPL expects full-year adjusted profit to range between a low-single-digit percentage decline and a slight increase, compared with Wall Street estimates of about an 8% growth, according to data compiled by LSEG

Separately, PYPL appoints HP CEO Enrique Lores as its new chief, succeeding Alex Chriss

"While some progress has been made in a number of areas over the last two years, the pace of change and execution was not in line with the board's expectations," PYPL says

"While certainly a reputable executive, the big question is whether he (Lores) will bring in a formidable payments team to attempt yet another multi-year turnaround or look to start reviewing options for strategic assets," says Evercore analyst Adam Frisch

15 of 44 brokerages rate the stock "buy" or higher, 24 "hold" and five "sell" or lower; their median PT is $69 - LSEG-compiled data

As of last close, PYPL stock down 10.4% YTD