Paypal Holdings Inc (NASDAQ:PYPL) shares were higher Monday as the stock was upgraded by an analyst.

Bernstein analyst Lisa Ellis expressed the firm’s bullish stance on the online payment services provider by upgrading it to an Outperform. Additionally, she rose PYPL’s price target from a $46 to a $61.

The firm’s note mentioned a couple of strong points for Paypal, including the company’s long-term business plans, which look more than promising. This sentiment is backed by the company’s new culture, its ability to team up with other companies, adding Paypal as an option for more e-commerce retailers, as well as other online services.

The service also has a new checkout button that makes it easier and faster to finish your online purchase. Ellis added that there are several other factors that could push Paypal’s goals forward, including “a strategic acquisition, the timing of which has likely been made more urgent by the recently announced Vantiv-WorldPay merger and Visa-Klarna minority stake, the pending credit business partnership.”

Additionally, the upcoming three to four quarters could prove to be strong ones for Paypal, with earnings on tab to outperform expectations. Take rates and and expense growth are two elements to watch in the upcoming earnings call.

PYPL stock surged 2.3% early on Monday.