数字支付行业面临严峻考验 高盛下调PayPal(PYPL.US)评级至“卖出”

智通财经
Oct 14

智通财经APP获悉,高盛因利润率承压及2026年增长路径放缓,将PayPal(PYPL.US)评级下调至"卖出",最新目标价70美元。此次评级下调凸显投资者对数字支付领域利润率承压及增长放缓的担忧日益加剧。

该投行指出PayPal明年面临多重阻力:持续存在的利率压力、既有信贷产品利好消退、Braintree业务针对性调价效益减弱。

高盛特别强调其在推广品牌结账服务时遭遇的挑战——德国市场推进受阻、美国关税及小额豁免政策变动带来干扰,同时面临数字钱包竞争对手的持续挤压。

分析师在报告中写道:"若核心业务无法加速增长,叠加2026年多个一次性利好因素消退及持续利率逆风,交易利润率增速恐低于市场普遍预期。"高盛目前预测2026年PayPal交易利润率增速约为3%,而市场普遍预期为5%左右。

该机构同时警示运营费用攀升风险,因PayPal正加大"先买后付"产品营销力度(近期推出5%的促销优惠)。高盛预计这将进一步拖累每股收益,且下行风险更为显著。

此次评级下调正值科技及支付类股遭遇广泛重估。高盛指出,由于近期财报季以来个股平均覆盖量下降约5%,投资者对四季度财报持谨慎态度。

除PayPal外,高盛亦将Marqeta评级降至"卖出",但指出仍看好FIS、Toast及Globe Life等少数企业的短期前景。

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