shares of PayPal Holdings Inc PYPL despite the company being tanked in early trading on Tuesday report positive quarterly results.

Here are some key analyst takeaways from the earnings release.

Susquehanna via PayPal stocks: Analyst James Friedman reiterated a Neutral rating while the price target was cut to $78 from $80.

“PYPL delivered what we felt was a very coherent and focused message around their unbranded (Braintree) product,” Friedman said in a note.

If the new strategy works, it will be “due to the margin stabilization – and eventual increase – of unbranded (Braintree) as they move the market down and abroad and add services like Risk, Omni, Payouts and FX,” he added added.

Needham via PayPal stocks: Analyst Mayank Tandon reconfirmed a hold rating on the stock.

PayPal’s first-quarter results were “solid,” exceeding expectations “on both the revenue and earnings lines, as higher TPV, continued execution of the cost-cutting front, and ongoing share buyback activity all contributed to the upside,” Tandon wrote a note.

“While we are encouraged by the improving results, we believe the difficult economic environment and the ongoing shift toward more user engagement rather than user growth are putting pressure on revenue numbers,” the analyst said. “Furthermore, the mix shift toward lower-margin, unbranded sales is holding back margin expansion,” he added.

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Truist securities on PayPal holdings: Analyst Andrew Jeffrey maintained a Buy rating while lowering the price target to $90 from $95.

“According to PayPal, branded volume was up 200 basis points (+6.5%) qoq, but our tracker suggests flatter performance based on Unbranded/Braintree (BT) comments,” Jeffrey wrote.

“Regardless, we believe PayPal is going in the right direction as it improves merchant integrations, authentication rates, and checkout times,” he added.

JMP securities on PayPal holdings: Analyst David Sharp repeated a market outperformance…