Citi says European fintech narrows gap to US rivals; Adyen top pick
14/04/2026 09:39
** In a note on European financial technology, Citigroup says it expects consumer spending to remain broadly stable, but a prolonged conflict in the Middle East carries risks ** Citi says Europe is starting to close the integrated‑payments gap with the U.S., and its top stock pick Adyen ADYEN.AS is well positioned due to its data, fraud and risk tools ** Revolut securing full UK banking licence and expanding its stablecoin offering increases competitive pressure on Wise’s WISEa.L fees, the broker says ** It cuts Nexi NEXII.MI to "neutral", saying the Italian firm relies increasingly on partnerships to stay competitive, with near‑term growth and margin pressure limiting the stock's upside ** Separately, Goldman Sachs also downgrades Nexi to "neutral", based on largely similar reasoning; it also cuts Worldline to "sell" on strong competitive pressure and cash position limiting its ability to invest ** It upgrades Temenos TEMN.S to "buy" on improved demand for core banking software, which offers scope for a re-rating and M&A options ** Citi says voucher firms Edenred EDEN.PA and Pluxee PLX.PA remain focused on regulatory risks, though near‑term performance is helped by gift card campaigns and measures to offset a fee cap in Italy CITI RECOMMENDATIONS:
| COMPANY | RATING | OLD RATING | PT | OLD PT |
| Adyen ADYEN.AS | Buy | (unchanged) | EUR 1,800 | (unchanged) |
| Temenos TEMN.S | Buy | Neutral | CHF 90 | CHF 70 |
| Pluxee PLX.PA | Buy | (unchanged) | EUR 22 | (unchanged) |
| Edenred EDEN.PA | Neutral | (unchanged) | EUR 19 | EUR 20 |
| Nexi NEXII.MI | Neutral | Buy | EUR 3.40 | EUR 5 |