Hedge fund manager Dan Loeb's Third Point has taken a stake in PayPal (PYPL).
This stake is a vote of confidence for the payment processor as it faces increasing competition from the likes of Amazon.com.
Loeb said he sees PYPL's stock rising to $125 within 18 months on above-Street earnings.
The size of the stake hasn't yet been disclosed, but we'll be keeping tabs as we learn more.
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