Adyen NV’s most skeptical analyst isn’t allowing others to wrestle away his position as the most bearish on the Street.

Citigroup Inc.’s Pavan Daswani, who had the lowest price target ahead of last week’s share-price collapse, reduced his goal to €750 from €1,050, after some brokers went below him. His new objective implies a further 14% downside over the next 12 months from Friday’s close.

Daswani said in a note he remains skeptical of Adyen reaching its long-term margin target, maintaining his sell rating on the stock. “We still see pressure in the mid-term from the high level of hiring to support growth, multiyear investments and increased competition,” he wrote.

Analysts have been slashing their ratings and targets on Adyen since the Dutch payments processing company’s first-half results missed estimates at pretty much every level, wiping out $20 billion of market value in a single day. Morgan Stanley became the latest to do so on Monday, downgrading to equal-weight.

The shares fell as much as 7.8% in Amsterdam trading, extending their decline since Thursday’s results to 45%.