Adyen Kept at Buy as BofA Notes 'Solid' Q2 Results, H2 Capex Hike

02:44 AM EDT, 08/14/2026 (MT Newswires) -- BofA Global Research affirmed its investment case for Adyen (ADYEN.AS), noting the Dutch financial technology group's "solid" second-quarter performance and its raised capital expenditure outlook for the second half. For the six months ended June 30, Adyen reported a 19% year-on-year increase in net revenue to 1.30 billion euros, up 21% on a constant currency basis. In a Thursday note, analysts said the group's second-quarter revenue came in 1.4% ahead of market expectations, with constant-currency year-over-year growth ticking up to 22% from 20% in the first quarter and beating the consensus estimate of 21.5%. For 2026, the company maintained its full-year net revenue growth guidance of between 21% and 23% at constant currency and revised its capital expenditure outlook for the remainder of the year. "Capex guidance was increased to 7% of net revenues for 2026 vs usual 5% guide, driven by investment in data centers and proactive acceleration of 2027 spend into H2 2026 to secure compute and storage availability and lock in pricing. Capex to return to historical levels post-2026," the note said. Within this context, BofA continues to rate Adyen at buy, with a price objective of 1,750 euros, noting the company has a "strong growth profile" and that its valuation is "compelling." The research firm added that the stock is included in its "25 stocks for 2026" and "Europe 1 top ideas" lists.