Adyen, the Dutch payment processing firm, has experienced a turbulent ride with its stock price.
Roller-coaster Ride
In late October, Adyen’s stock price took a hit, reaching an intraday low. However, since then, the stock has more than doubled.
This steep increase is noteworthy, especially considering that earlier in the year, Adyen’s stock plummeted by 39% following a profit warning in the first half. The company faced tough competition from PayPal’s Braintree Payments division, which engaged in aggressive price-cutting tactics.
Analysts’ Upgrade
Turning the tide, analysts at Citi recently upgraded Adyen’s stock rating from sell to buy. They also substantially raised their price target, setting it at €1,400 compared to the previous €695.
As a result of this positive news, Adyen’s shares continued to rise, increasing by an additional 2% on Monday.
Other News
In addition to Adyen’s success, there was also positive news for Solvay’s specialties chemicals spinoff, Syensquo. The company experienced a 12% rise in its trading debut.
Meanwhile, the broader Stoxx Europe 600 remained relatively unchanged, with subdued trading ahead of Tuesday’s U.S. CPI reading.