Adyen upgraded to Buy from Hold at HSBC

HSBC upgraded Adyen to Buy from Hold with a price target of EUR 1,400, up from EUR 1,000. The firm expects the company to continue to expand market share within its existing client base and take advantage of its superior technology platform, which should more than compensate for potential pressure on discretionary spending. The valuation could look stretched, but Adyen provides one of the best earning momentum and the strongest balance sheet in HSBC’s coverage, with capacity to surprise consensus, the firm adds.