Almost no-one saw Adyen NV’s €18 billion ($20 billion) share plunge coming.
Prior to Thursday’s 39% drop, the majority of analysts had a buy or equivalent rating. And of the four out of 35 tracked by Bloomberg that had a sell, even Citigroup Inc.’s Street-low target of €1,050 was made to look optimistic. Adyen shares closed at €898.4 in Amsterdam.
“Short sellers seem to have overlooked a prime opportunity,” said Ivan Cosovic, founder of data tracking firm Breakout Point. While it had been generally understood by investors that this year would be challenging from a cost perspective, “less appreciated was the potential for a net revenue slowdown, particularly as the global economy has remained resilient,” Evercore ISI analyst David Togut wrote in a note.
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