PayPal Holdings Inc's (NASDAQ:PYPL) first-quarter results are "unlikely to be positive catalyst, according to BofA Securities.  

The PayPal Holdings Analyst: Analyst Jason Kupferberg reiterated a Buy rating, while cutting the price target from $103 to $93.

The PayPal Holdings Thesis: While the company is likely to report its first-quarter results in-line with Street expectation, branded TPV (total payment volume) growth could come in at the lower end of the full-year mid-single-digit range, with "macro risks building," Kupferberg said in the note.

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"Measurable progress against strategic initiatives to accelerate branded TPV is key to turning around weak sentiment, and 1Q is unlikely to be the quarter when this happens, especially amid macro turmoil," the analyst wrote.

The downside risks to PayPal's 2025 guidance "have become more pronounced," as macro uncertainty could impact consumer discretionary spend, which constitutes most of the company's volume, while tariffs may impact "higher-yielding cross-border volumes (12% of TPV)," he added.

PYPL Price Action: Shares of PayPal had declined by 0.99% to $61.97 at the time of publication on Monday.

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