Adyen initiated with an Outperform at BMO Capital

BMO Capital analyst Rufus Hone initiated coverage of Adyen with an Outperform rating and EUR 1,300 price target. The Q3 update and recent capital markets day demonstrated better-than-expected revenue growth, says the analyst, who believes Adyen’s medium-term targets are “credible” and expects revenue growth reacceleration will prove enduring.