Over the past 6 months, PayPal (PYPL) significantly underperformed the S&P 500 (lagging by ~17%). I took a look thinking there could be value there. However, I will remain on the sideline due to competitive concerns in an increasingly competitive landscape. Despite being relatively cheaper and bouncing off the a bottom, PYPL remains an expensive stock with consensus estimates calling for an acceleration in earnings in 2021, which may be at risk due to rising competition. In this article, I will walk you through my analysis of PayPal's valuation, technical, sentiment, and fundaments.