Stifel reaffirms its 'buy' recommendation on Adyen, raising its target price from €1,450 to €1,850, and expressing confidence in its 2024-26 targets in view of the many significant opportunities facing the Dutch financial technology company.

Pointing to 'a now largely positive sentiment around Adyen after a convincing investor day and a strong fourth quarter 2023', the German broker expects 'the first-quarter business update to reinforce this outlook'.

According to Stifel, the consensus is lagging by around 10% on 2024-26 EPS estimates, with depreciation and amortization assumptions too high and financial income too low.

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