Adyen: Berenberg downgrades to 'hold'
(CercleFinance.com) - Berenberg reduced its rating on newly-listed Dutch fintech firm Adyen to "hold" from "buy", saying that the company's "quality" is now priced in after its recent rally.
"The market's short-term expectations of Adyen's volume and revenue growth are now very high and valuation is demanding," the German broker said, waiting for a better entry point to buy the shares.
Its target price is 590 euros.
Adyen shares were down 0.8 per cent at 585.5 euros on Monday, but have now more than doubled from their IPO price of 240 euros.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
"The market's short-term expectations of Adyen's volume and revenue growth are now very high and valuation is demanding," the German broker said, waiting for a better entry point to buy the shares.
Its target price is 590 euros.
Adyen shares were down 0.8 per cent at 585.5 euros on Monday, but have now more than doubled from their IPO price of 240 euros.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.