PYPL → $65.00 by Sep 30, 2026.

The market prices PayPal like a structurally dying company. I think it's pricing in a scenario the numbers don't support, and I want this thesis attacked before Q2 earnings on July 28. I hold a position, so I'm biased – that's why I'm here. **The setup (approximate, mid-2026):** * \~8x earnings, historic low * \~$6.8B annual free cash flow * Net cash balance sheet (\~$13.5B cash vs \~$11.6B debt) * Buybacks retiring \~9% of shares per year (920M → 892M …