Adyen downgraded to Hold from Buy at Berenberg

Berenberg analyst Tammy Qiu downgraded Adyen to Hold from Buy with a price target of EUR 1,095, down from EUR 1,950. The company’s first half results showed that sales growth has slowed and will probably do so further from here before the investment starts to show in the numbers, the analyst tells investors in a research note. The firm sees uncertainty about Adyen’s level of top-line growth and the lack of operating leverage until the end of 2024.