Goldman Sachs analyst Will Nance downgraded PayPal Holdings, Inc. (NASDAQ:PYPL) and Marqeta, Inc. (NASDAQ:MQ), citing downside risks to their 2026 forecasts.

The analyst notes that investor sentiment has become increasingly cautious as the fourth quarter approaches.

• PYPL shares are under pressure. Get the details here.

The analyst cited key concerns scuh as tougher year-end comparisons following last year's spending surge, renewed pressure on lower-income consumers and continued rotation from cyclical sectors toward the large-cap tech sector.

Nance says that the third-quarter fundamentals appear stable, reflecting steady spending trends. The analyst expects investors to focus on potential 2026 estimate cuts.

PayPal: Nance downgraded PayPal to Sell from Neutral with a price forecast of $70.

The analyst says that management commentary indicates that branded checkout growth ...