PayPal's Stock Pulls Back From Record High After Analyst Downgrade

Shares of PayPal Holdings Inc. slipped 0.3% in midday trade Thursday, pulling back from the previous session's record close, after Stifel Nicolaus downgraded the digital payments company because the stock had achieved its objective ahead of schedule. Analyst Scott Devitt cut his rating to hold from buy, while keeping his 12-month stock price target at $51. Through Wednesday's record close of $51.05, the stock had soared 15% since the company reported better-than-expected first-quarter results after the April 26 close, compared with a 1.2% gain in the S&P 500 over the same time. "We continue to believe that the company is well-positioned for long-term growth in the digital payments space as management executes in driving deeper relationships with merchants and consumers across multiple verticals," Devitt wrote in a note to clients.