Adyen: shares higher after Morgan Stanley upgrade
(CercleFinance.com) - Adyen share are up over 2% on Thursday after Morgan Stanley upgraded the stock and lifted its target price for the shares of the Dutch fintech firm, as it sees the company as one of its "top picks" for 2020.
The broker has upgraded the stock from "equal weight" to "overweight" making it one of its best picks in the European tech sector for 2020, alongside TeamViewer and STMicro.
"With a macroeconomic environment that is still uncertain, we favour stocks with structural growth drivers that have valuation headroom," said Morgan Stanley in a note to clients.
Morgan Stanley analysts have also raised their target price for the share from 725 euros to 885 euros.
Adyen shares were up 2.4% at 699.8 euros in afternoon trading on Euronext Amsterdam, outperforming the STOXX Europe 600 Technology index, which was up 0.6%.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The broker has upgraded the stock from "equal weight" to "overweight" making it one of its best picks in the European tech sector for 2020, alongside TeamViewer and STMicro.
"With a macroeconomic environment that is still uncertain, we favour stocks with structural growth drivers that have valuation headroom," said Morgan Stanley in a note to clients.
Morgan Stanley analysts have also raised their target price for the share from 725 euros to 885 euros.
Adyen shares were up 2.4% at 699.8 euros in afternoon trading on Euronext Amsterdam, outperforming the STOXX Europe 600 Technology index, which was up 0.6%.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.