Fraport: stock slumps with UBS downgrade
(CercleFinance.com) - The Fraport stock is the biggest faller in the MDAX index on Thursday, weighed by a downgrade from UBS analysts, who say that they only expect a very "slow" recovery in air traffic.
Shortly before 11 a.m., the airport operator's share price was down over 6%, underperforming the German mid-cap index, which was down around 1.9%.
In comments published in the morning, UBS said it has downgraded its "buy" rating on the share to "neutral," in the face of an expected 60% slump in air traffic this year compared to 2019.
The sector is expected to remain 28% below its 2019 levels in 2021, analysts continue.
However, taking into account the recent stockmarket rally, UBS has nudged up its target price from 47.5 euros to 48 euros.
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