Morgan Stanley analyst Adam Wood maintained a Buy rating on Adyen today and set a price target of €2,070.00.
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Adam Wood’s rating is based on a combination of factors that highlight both challenges and opportunities for Adyen. Despite a slight slowdown in net revenue growth to 20% ex-FX, which was below both Morgan Stanley’s and the street’s expectations, the core aspects of Adyen’s growth story remain intact. The company’s EBITDA margins were in line with street expectations, although slightly below Morgan Stanley’s projections.
While the company has lowered its guidance for 2025, indicating a similar growth rate in the second half as in the first half, the long-term growth trajectory is still promising. Adyen’s ability to maintain a strong share of customer wallet and the pace of customer acquisitions are critical factors that support the Buy rating. Additionally, with a forward price-to-earnings ratio of 31x for 2026, any further weakness in the stock price presents a buying opportunity, according to Wood.
In another report released today, Jefferies also maintained a Buy rating on the stock with a €2,039.00 price target.