ADP: Stifel lowers TP after results

(CercleFinance.com) - Stifel maintains its Buy rating on Aéroports de Paris (ADP) shares, with a target price lowered from E148 to E135.


In particular, the analyst cites the share's underperformance following the publication of its results, due to the forthcoming regulatory agreement and associated investments.

However, given the lack of additional information and the limited impact at this stage, we feel that this reaction has been overdone, Stifel adds.

The broker reports that it believes the only negative point concerns future maintenance investments, although this is not totally unexpected. That said, we highlight the company's efficient cash management, which could coincide with the resumption of dividend distributions from its international divisions, it continues.

Against this backdrop, Stifel anticipates a recovery in the share price this year, albeit below initial expectations, due to slower earnings and cash flow momentum. Our analysis is now based more on the end of headwinds, notably the succession to the CEO and political instability in France, Stifel concludes.


Copyright (c) 2025 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.