Despite markets opening higher to start the day, another downtrend has materialized in early afternoon trading. That said, not all stocks are performing the same. Currently, PayPal (NASDAQ:PYPL) is in focus for investors, with PYPL stock appreciating 2% thus far today.

This move comes as Bank of America analyst Jason Kupferberg upgraded PayPal to “buy” from “neutral.” Kupferberg found a number of reasons to raise his rating and price target on this stock. Indeed, a bump to a $114 price target from $94 is substantial.

Of note, improved cost efficiencies could boost earnings per share estimates for the fintech company. More share buybacks also contributed to his view that this is a stock with some bottom-line upside potential. Indeed, with investors focusing in more on the bottom-line metrics of growth stocks than top-line numbers, these factors appear to be what Wall Street and the market are focusing on right now.

Is Now the Time to Buy PYPL Stock?

Analyst upgrades are a great thing for any stock. Regardless of where investors stand on the efficacy of these ratings (given they’re based mostly on backward-looking information and may be viewed as trailing indicators), more bullish sentiment around a given stock is a good thing.

Notably, the most recent eight ratings for PayPal have been buys, with two of the most recent three being upgrades. It appears PYPL stock has now hit a level where analysts are beginning to get excited. Accordingly, the overall market appears to be siding with the views of Kupferberg and others.

Cost-cutting initiatives and share buybacks are generally positive things for existing investors looking for fundamental growth. For PayPal, a stock that’s been beaten down hard this year, such positives appear to finally be priced in by the market.