Adyen assumed with a Buy at Jefferies

Jefferies analyst Hannes Leitner assumed coverage of Adyen with a Buy rating and EUR 2,088 price target. The analyst assumed coverage of the Payments and FinTech sector with Adyen his top pick. Leitner expects is cautious into 2023 given the combination of an economic slowdown and a cost-of-living crisis that are likely to weigh on consumer spending and limit revenue growth upside. At the same time, he expects salary inflation to cause margins to expand only modestly. Adyen, is best positioned to "weather the storm given its best-in-class solution to support the digitalization of all sales channels," Leitner tells investors in a research note.