As previously reported, Stifel analyst Scott Devitt upgraded PayPal (PYPL) to Buy from Hold after the company hosted its second analyst day since its separation from eBay (EBAY), stating that he believes PayPal is in the early stages of transforming from an online checkout company to a global payments platform.

He notes that during the event management raised its medium-term outlook for revenue growth and non-GAAP operating margin and Devitt believes its Consumer Choice initiative and newer geographies and consumer segments should support a longer-term growth profile, he tells investors. Devitt raised his price target on PayPal shares to $99 from $82 after raising his long-term topline growth estimates.