Adyen: Berenberg upgrades stock

(CercleFinance.com) - On Thursday Berenberg upgraded its rating on Adyen sharses from "hold" to "buy", with an increased target price of 2550 euros (from 1700 euros).


In a morning report, the German financial broker praised the "defensive" qualities of the Dutch payment technology specialist.

"We think that Adyen's market-share gains and its ability to continue to attract new merchants will help it to defend against the risk of a slowdown in the e-commerce space," it said.

Berenberg points out that the trend towards a slowdown in online consumer spending has recently been illustrated by the performance of the US group PayPal.


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