Redburn Atlantic lowered the firm’s price target on Adyen (ADYEY) to EUR 1,550 from EUR 1,600 and keeps a Neutral rating on the shares. The firm views the payments sector as “misunderstood.” The sector is cheap with limited earnings risk and strong cash returns, the analyst tells investors in a research note. Mastercard and Toast are Redburn’s top picks. It sees concerns around the impact of the cycle on payments as misunderstood. Payment businesses are geared to nominal consumption and a potential recession will be a unit recession rather than nominal, contends Redburn. The firm cut estimates across the group to reflect the economic slowdown.
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Read More on ADYEY:
- Adyen price target lowered to EUR 2,130 from EUR 2,150 at Morgan Stanley
- Adyen initiated with an Outperform at Evercore ISI
- Monness upgrades Adyen to Buy on ‘all-weather growth’
- Adyen upgraded to Buy from Neutral at Monness Crespi
- Adyen’s Attractive Valuation and Growth Prospects Justify Buy Rating Amid Market Challenges
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