Bernstein analyst Harshita Rawat expects that PayPal Holdings Inc. /zigman2/quotes/208054269/composite PYPL -0.09% will report "one of the messiest quarters" in recent memory "given many moving pieces around volume growth, Venmo monetization, pricing actions, credit divestiture impact, [foreign exchange], gains on investments, recent M&A & eBay /zigman2/quotes/204653455/composite EBAY +0.20% ." Still, she expects that the company will top expectations, though the current consensus forecast doesn't account for recent disclosures around investment benefits. PayPal said recently that it expects 13 cents of earnings impact beyond what it previously forecast related to its investments. The FactSet consensus models 69 cents in June-quarter adjusted earnings per share, while Rawat forecasts 84 cents. She rates the stock at market perform but raised her target price to $110 from $105. PayPal shares are up 0.4% in Monday morning trading, and they've risen 42% so far this year as the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.07% has climbed 19%.