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Investing.com -- Jefferies has warned that expectations for Adyen ’s (AS:ADYEN) growth into 2026 are too ambitious, even as the Dutch payments company continues to project confidence in its long-term strategy.
In a note following its FinTech conference in New York, Jefferies analysts said they left with “a more positive view on the long-term prospects of the growth opportunities and operating model,” but added that they “remain concerned about too high sell-side expectations into 2026, given low visibility on the underlying market backdrop.”
Adyen has confirmed that its mid-term ambition of net revenue growth in the low to high 20% range remains unchanged. Jefferies, however, suggested the lower end of that range is more realistic.
“We believe low20s could be a good starting point given uncertainty around full tariff impact, European macro and sales pipeline conversion,” the analysts said.
The brokerage kept its 2025 estimates in line with company guidance and consensus, forecasting 21% growth.
For 2026, it opted for a more cautious stance, projecting similar growth to Visible Alpha consensus at 23%, but said the market may be overestimating the company’s visibility into that period.
Adyen trimmed its 2025 guidance earlier this year but maintained that both 2025 and 2026 fall within its long-term targets.
Still, Jefferies flagged a gap between investor expectations and the operating realities the company faces.
Jefferies reiterated a “buy” rating with a price target of €1,835, implying potential upside of 32%.