Amsterdam, June 5, 2026, 16:02 (CEST)
- Adyen dropped over 7% in Amsterdam during afternoon trade.
- Traders flagged a negative report from Cleveland Research, but Jefferies stuck with its Buy rating.
- The stock has dropped about 39% so far this year.
Adyen shares fell sharply Friday afternoon, reversing some of Thursday’s recovery after a negative analyst note from Cleveland Research, traders said. The Dutch payments firm traded down 7.13% at €833.00 as of 16:02 CEST. Shares were down as much as nearly 12% to €790 earlier in the day, according to ABM FN-Dow Jones via MarketScreener.
Adyen shares started the session on shaky ground. The stock had recovered 5.75% on Thursday, but MarketScreener still showed it down around 11% in the past five days, and off about 39% since Jan. 1.
There was no fresh company update with the drop. The move was pinned on analysts, traders said, with Cleveland Research taking a negative view. Jefferies’ Hannes Leitner stayed positive, keeping his Buy call and a €1,166 price target Thursday, MarketScreener and dpa-AFX Analyser reported.
Jefferies still sees solid underlying operating momentum at Adyen, according to ABM FN-Dow Jones. The bank called Adyen “merchant-centric,” meaning the company focuses on the needs of its merchant customers instead of pushing separate products. Jefferies also noted Adyen’s exposure to any drop in discretionary spending—purchases consumers can postpone—in the fourth quarter of 2026. MarketScreener Nederland
Adyen, which handles payments for merchants on the web, mobile and in stores, said first-quarter net revenue rose to €620.8 million in its latest update on May 6. That’s up 16% as reported, or 20% without currency effect. Processed volume climbed 21% to €382.0 billion.
Adyen stuck with its 2026 net revenue growth target of 20% to 22% on a constant-currency basis, holding to its forecast after what CFO Ethan Tandowsky called “solid growth in the first quarter, reflecting continued broad-based performance across our global customer base.” The company said constant-currency means results ignore exchange-rate swings. Adyen
Adyen investors didn’t just look at top-line growth. After the Q1 report, the stock dropped 2.5% early in Amsterdam, with J.P. Morgan analysts pointing to a weaker take rate, Reuters reported. The take rate is the part of the transaction value Adyen keeps as revenue.
Adyen is feeling the competition in North America, where rivals like PayPal and Stripe are active. Tandowsky told Reuters last month, “We are very much focused on that market.” But he added a dual U.S. listing is not a current focus for the company. Reuters
Adyen is moving to broaden its platform. In May, the company said it would buy Talon.One, a software provider, describing the move as a natural extension for giving merchants more control over real-time data across online and in-store channels. Reuters pegged the deal at €750 million and said it would be Adyen’s first acquisition in its 20 years.
But the risk is hard to miss. If consumers pull back, especially on higher-margin discretionary spending, payment volumes and take rate might face more pressure. The stock, still priced for growth, could keep falling. A bigger round of analyst cuts could turn Friday’s drop into something more than a one-day move—maybe another reset.
