Exane cuts Adyen to 'neutral' on growth scepticism, shares fall

Adyen

01/06/2026 10:36

** Shares of Adyen ADYEN.AS drop 5.3% after Exane BNP Paribas downgraded the Dutch financial technology company to "neutral" from "outperform"
** The broker says Q1 net revenue growth "does little to appease investors' concerns" over the company's ability to sustain 20% growth in 2027 and 2028, considering tailwinds in the quarter
** "We think net revenue growth will fade markedly in the next two years," Exane says
** It expects share performance to be driven by the "shape of the fade in growth" over the next 24 months, cutting its PT by 34% to €890
** The shares have underperformed peers by around 15% YTD following a disappointing 2026 guidance and Exane sees limited catalysts for a re-rating, it says
** Out of 37 analysts that cover Adyen, 31 rate the stock "strong buy" or "buy", five "hold" and one "sell" - LSEG data

(Reporting by Ronan Corcoran in Gdansk)
((Ronan.Corcoran@thomsonreuters.com))