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Adyen: shares higher after Morgan Stanley upgrade

( - Adyen share are up over 2% on Thursday after Morgan Stanley upgraded the stock and lifted its target price for the shares of the Dutch fintech firm, as it sees the company as one of its "top picks" for 2020.

The broker has upgraded the stock from "equal weight" to "overweight" making it one of its best picks in the European tech sector for 2020, alongside TeamViewer and STMicro.

"With a macroeconomic environment that is still uncertain, we favour stocks with structural growth drivers that have valuation headroom," said Morgan Stanley in a note to clients.

Morgan Stanley analysts have also raised their target price for the share from 725 euros to 885 euros.

Adyen shares were up 2.4% at 699.8 euros in afternoon trading on Euronext Amsterdam, outperforming the STOXX Europe 600 Technology index, which was up 0.6%.

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