Guggenheim analyst Jeff Caldwell ended his bearish call on PayPal Holdings Inc. shares PYPL, -2.00% on Tuesday, upgrading the stock to neutral from sell. He wrote that PayPal shares have lagged the S&P 500 SPX, -1.22% in recent weeks, dropping 11% since July 26 while the S&P 500 SPX, -1.22% has fallen 5%. Cantwell sees a more balanced risk/reward profile as he considers macroeconomic developments. Ireland’s central bank became the latest to say it would delay implementation of Strong Customer Authentication (SCA), a European regulation intended to drive more security in e-commerce payments but that is also expected to add more friction to the process of buying items online. These delays are a positive for PayPal and others, according to Cantwell, but “increasingly negative” Brexit commentary remains a headwind in his view.