Adyen downgraded to Buy from Conviction Buy at Goldman Sachs

Goldman Sachs removed Adyen from the firm’s Conviction List while reiterating a Buy rating on the shares with a price target of EUR 1,150, down from EUR 1,950. The firm says it underestimated the scale of volume reduction from the macro environment and that Adyen is not participating in price reduction in North America. It sees these risks weighing on growth further in the second half of 2023. However, the analyst sees a pathway to Adyen’s growth recovering progressively in 2024.