PayPal falls after Bernstein downgrades to 'market-perform'
** Shares of payments firm PayPal PYPL.O fall as much as 3.5%, last down 3.2% at $79.02 in early trading
** Bernstein downgrades PYPL to "market-perform" from "outperform", citing worries about competitive pressures to PYPL's branded checkout products that have struggled in recent years as Big Tech expanded market share
** Brokerage says that while it understands growing investor enthusiasm regarding PYPL's initiatives such as Fastlane, it believes network effects will take multiple years to play out
** Fastlane helps users complete their purchase in as little as one click and PYPL recently has struck partnerships with payments firms Adyen ADYEN.AS and Fiserv FI.N
** Bernstein also says PayPal's Venmo may be losing market share in the peer-to-peer payments space to Block's Cash App
** PYPL's valuation is less attractive now compared to 2 months ago - Bernstein
** 23 of 46 brokerages rate the stock "buy" or higher and 23 "hold"; median PT is $80 - LSEG
** As of last close, PYPL up 33% YTD
Reporting by Arasu Kannagi Basil in Bengaluru
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