BTIG analyst Mark Palmer downgraded PayPal to Neutral from Buy without a price target. The shares have more than doubled from the lows reached in March after the COVID-19 pandemic took hold, Palmer tells investors in a research note. Further, the stock is trading at more than 40% above the highs reached in February prior to the outbreak, adds the analyst. While he believes PayPal is a “clear beneficiary” of the changes in consumer behavior arising from the stay at home orders in response to the pandemic, Palmer also thinks the shares, trading at 35 times consensus fiscal 2022 adjusted earnings estimates, largely reflect the boost provided by the crisis. He sees more limited upside in the near-term and would look for a better entry point before re-engaging with the stock.