PayPal Shares Rally Following Spinoff From EBay

PayPal Holdings Inc. climbed on its first day of trading after its spinoff from e-commerce giant eBay Inc. , with analysts generally upbeat on the company. PayPal was started at overweight with a $48 price target at J.P. Morgan while Wells Fargo initiated coverage of the stock at outperform with a $43 to $45 stock valuation. PayPal shares rose 5.4% to $40.43 while eBay shares gained 2.1% to $28.50.