Raymond James sees strong upside for PayPal going forward. Raymond James has grown confident that PayPal's forward estimates have bottomed after challenging quarters and that the depressed multiple should move higher as forecasts rebound. The firm's math suggests that OVAS could see up to $900 million of incremental revenue in the full year 2023 based on the current Fed funds forward curve. The company also recently approved $15 billion in share buybacks, which should also lift the stock in the coming years. All in, Raymond James sees a comfortable runway for double-digit growth for PayPal in the coming years and is confident in recommending shares again.

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