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On Thursday, Goldman Sachs analyst Mohammed Moawalla increased the price target for Adyen NV (AS:ADYEN:NA) (OTC: ADYYF) shares to €2,200, up from the previous target of €2,100, while reaffirming a Conviction Buy rating on the stock. Moawalla expressed continued high conviction in the structural investment thesis on Adyen, citing the company’s superior technology offering as a key factor.
Adyen is anticipated to experience accelerating net revenue growth, which is expected to be supported by better visibility over the next 12 months and beyond. The growth is attributed to multiple long-term levers, including the ’land and expand’ strategy where existing customers drive share gains, the onboarding of new customers from wins in the past 12 months, a contribution from new sales hires over the past 24 months, and a meaningful margin expansion that is projected to drive elevated bottom-line growth.
Goldman Sachs’ outlook for Adyen is that risks to estimates are skewed to the upside. The firm’s forecasts for net revenue in fiscal years 2025 and 2026 are 2 to 3 percent above the consensus. Additionally, the firm expects Adyen to surpass market expectations regarding moderation in operating expenses and the operating leverage from the top line, with EBITDA estimates that are 9 to 14 percent higher than the Visible Alpha Consensus Data.
The analyst’s comments underscore the belief that Adyen’s financial performance will be robust, driven by its strategic initiatives and operational efficiency. This bullish stance from Goldman Sachs is likely to resonate with investors who are monitoring Adyen’s progress and potential for continued financial growth.
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