Bank of America analysts downgraded the rating on PayPal (NASDAQ:PYPL) shares to Neutral from Buy with a $66 per share price target.

Shares fell 1.8% in pre-open Wednesday.

“We see ’24 as a transition year, as a new CEO/CFO seek to earn Street credibility while driving sustained improvements in top-line metrics, especially transaction profit growth, which will likely take time,” analysts wrote in a client note.

Moreover, analysts believe Street estimates for 2024 are “too high.”

“PYPL still has a strong brand and balance sheet, but we expect shares to be somewhat rangebound near-term, with valuation/sentiment providing downside support.”

Bank of America equity analysts also cut their rating on Toast (TOST), citing “slower top-line momentum, increasing competitive intensity, and results of our recent restaurant POS survey.”