Aena: Credit Suisse maintains buy rating

(CercleFinance.com) - Today Credit Suisse confirms its buy rating on the stock of the Spanish airport operator Aena, which, over the past six months has lost one fifth of its value.


The broker has raised its target price from 167 euros to 170 euros, based on slightly more optimistic growth forecasts. This represents upside potential of around 25%.

Admittedly, analysts consider the group's earnings forecasts made on the presentation of its strategic plan for 2018/2021 as "disappointing". As such, they have cut their estimate for operating profit for 2019 from 2 billion euros to 1.9 billion euros, even though they have slightly increased their sales forecast for the group.

In 2019, Aena's management expects traffic to increase by around 2%. Meanwhile, Credit Suisse continues to expect 4.6% growth, thanks to the increase (+11%) in capacity over the winter of 2018/2019. Furthermore, the broker expects a sharp increase in traffic over the cold season, which should lead to a increase in the consensus.



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