BofA Expects 'Robust' Underlying Revenue Growth from Adyen in Q3

08:26 AM EDT, 10/02/2026 (MT Newswires) -- BofA Global Research expects Adyen (ADYEN.AS) to report "robust" underlying revenue growth at its third-quarter business update scheduled for Oct. 28. Analysts said Thursday they project third-quarter revenue growth of 20.1% on an underlying basis, or a 23% increase when foreign exchange and mergers and acquisitions impacts are included. The research firm added that despite expectations of a "tougher" comparison in the third quarter versus the fourth quarter, Adyen's underlying growth is expected to accelerate to 22% in the last three months of the year, bringing second-half growth to an estimated 21%. For full-year 2026, BofA projects an underlying revenue growth of 20.9%. "We reiterate our Buy rating on Adyen ahead of Q3'26 results. Shares have been penalized by broad AI concerns, alongside the 2026 guidance revision, two M&A transactions completed within two months and the departure of the CFO. While growth expectations have been modestly revised down, we see the share price reaction as disproportionate," BofA wrote. "Adyen now trades on 11.6x 2027E EV/EBITDA for a 23% CAGR, around 50% below its 24x three-year average, despite maintaining a significantly stronger long-term growth profile than peers. We continue to see an attractive risk/reward ahead of results, with reasonable short and mid term expectations and an attractive valuation." The research firm maintained its positive stance on Adyen, saying its growth levers "remain intact," including its position as a beneficiary of global ecommerce growth, several self-help catalysts like wallet share improvements, and its single-integration advantage in agentic commerce, among others. BofA has a price objective of 1,761 euros on Adyen. The payment group is featured on the research firm's "25 for 2026" and "Europe 1" lists and was recently added to its "Top 10 ideas" list for the fourth quarter.