-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下：我们将目标价下调7美元至53美元，并采用9.2倍的预期市盈率（基于我们对2027年每股收益的预期），而PYPL过去三年的平均预期市盈率为12.2倍，同业平均市盈率为8.3倍。我们维持2026年每股收益预期为5.43美元，并将2027年的预期从5.95美元下调至5.78美元。新任首席执行官Lores在上任第一季度推出了一项亟需的战略框架，将公司重组为三个独立的业务部门，以提高专注度和责任感。该计划以一项至少15亿美元的重大成本节约计划为基础，并重新强调利用人工智能实现技术架构的现代化。我们认为这是一次必要的根本性调整，管理层终于承认了过去的问题，并制定了一条清晰但充满挑战的前进道路。尽管公司重申了全年目标，但第二季度业绩指引疲软，这更加凸显了这种谨慎的展望。虽然核心品牌结账业务增长依然乏力，但我们欣慰地看到Venmo和支付服务提供商（PSP）等其他业务领域持续保持强劲势头，为此次转型提供了缓冲。
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