TD Cowen starts Adyen at Market Perform on questions about medium-term targets

As previously reported last night, TD Cowen analyst Bryan Bergin initiated coverage of Adyen with a Market Perform rating and EUR 736 price target. Adyen is “poised to benefit from a host of secular trends to sustain growth” above market rates and at “elevated profitability,” the analyst tells investors. However, despite seeing the company as positioned to outgrow peers, the firm recommends investors take to the sidelines as it sees near-term “gating factors” following a notable inflection lower in growth and profitability that puts into question the company’s medium-term targets, the analyst added.