Adyen initiated with an Underweight at Wells Fargo

Wells Fargo analyst Andrew Bauch initiated coverage of Adyen with an Underweight rating and EUR 650 price target. Competitive dynamics resulted in shifting share and an “unprecedentedly weak” set of results in the first half, so “confidence is shaken,” the analyst tells investors. Assurances are expected near term, but the firm expects “the critics to outnumber the believers,” the analyst added.