This European company doubled its value in just six weeks

By Steve Goldstein

Few companies have seen a stock price roller-coaster quite like Adyen, the Dutch payment processing firm.

Adyen (NL:ADYEN) (ADYEY), which has a devoted following on the social-media service X that is unusual for a European company, has seen its stock double off the intraday low in late October.

That's coming in the same year in which its stock saw a one-day 39% slide, following a first-half profit warning. Adyen has reeled from the aggressive price-cutting moves from rival PayPal's (PYPL) Braintree Payments division.

Last week, analysts at Citi gave the firm a double upgrade, to buy from sell, and moved their price target all the way up to EUR1,400 from EUR695.

"We maintain that increased competition is structural, but see better data capabilities from Adyen's single platform and strong unified commerce offering (vs key competitors not having an on-premise presence) in providing better customer intelligence, improving authorization rates. This is supported by our proprietary survey of 50 large online merchants," they said.

Adyen shares rose another 2% on Monday.

Also in the spotlight, Solvay (BE:SOLB) specialties chemicals spinoff Syensquo rose 12% in its trading debut.

The broader Stoxx Europe 600 XX:SXXP was nearly flat, with trading muted ahead of Tuesday's U.S. CPI reading.

-Steve Goldstein

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

12-11-23 0806ET

Copyright (c) 2023 Dow Jones & Company, Inc.