Adyen upgraded to Outperform from In Line at Evercore ISI

Evercore ISI upgraded Adyen to Outperform from In Line with a price target of EUR 1,850, up from EUR 1,440. The analyst cites the company’s potential for accelerating payment volume growth and “substantial” EBITDA margin expansion tied to operating leverage and renewed expense discipline for the upgrade. As 2024 progresses, eBay should pose less of a headwind for Adyen, possibly enabling Platforms volume to double by 2025, the analyst tells investors in a research note.