Adyen price target lowered to EUR 1,550 from EUR 1,600 at Redburn Atlantic

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.