Shares of Dutch payments company Adyen
ADYEN,
slipped a further 2% to €883.20, after its 39% tumble on Thursday when it reported weaker-than-forecast profit and sales. The stock is well below even the lowest analyst price target of €1,050 prior to its first-half results. Analysts at Berenberg downgraded the company to hold from buy, saying not only that top-line growth has slowed but will continue to do so before the investment starts to show in the numbers. Analysts at Equita upgraded the stock to hold from sell, saying there’s no longer downside to fair value but that management needs to show that margins and revenue growth have troughed before the stock can recover.
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