BUZZ-PayPal rises after applying to set up US bank
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PayPal's shares rose 1.81% to $61.84 after the company applied to establish a U.S. bank. The application was filed with the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation. CEO Alex Chriss stated that a PayPal-owned bank would improve efficiency and help small businesses access capital. This move follows recent approvals for Ripple, Circle, and others to set up national trust banks. Currently, 16 brokerages rate PayPal as a 'buy' or 'strong buy', 25 as 'hold', and 3 as 'sell' or 'strong sell', with a median price target of $76.
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