Shares of PayPal Holdings Inc. are up 0.2% in premarket trading Thursday after Susquehanna analyst James Friedman raised his price target on the stock to $93 from $87. Friedman's heightened optimism comes from a further evaluation of PayPal's deal to sell its credit business to Synchrony Financial "After studying the Synchrony partnership in more detail, we believe our earlier estimates did not fully incorporate the benefits of the Retailer Share Agreements (RSA of roughly 4.5%) payments from Synchrony," Friedman wrote. "These are the ongoing payments Synchrony will pay PayPal for profitability/performance on the PayPal Credit book (mostly 2019 and beyond)." PayPal shares are up 86% over the past 12 months, while the S&P 500 has gained 16%.