Morgan Stanley raises ACS to 'overweight' seeing more fuel in the tank

Acs Actividades de Construccion y Servicios SA

14/04/2026 07:39

** Morgan Stanley upgrades Spanish construction group ACS ACS.MC to "overweight" from "equal-weight" citing its four-year journey from a "complex, largely-ignored contractor" into a major data center (DC) beneficiary

** It points to the strong rally driven by its construction franchise Turner, adding it sees "more fuel in the tank" for the stock

** MS expects large short-term earnings upgrades driven by DCs' top-line expansion alongside new value creation from a data center joint venture

** Additional medium-term optionality in US managed lanes and German infrastructure supports the base case as the broker raises target price by 69% to 150 euros

** It cautions that risks centre on a deflating appetite for AI/DC themes, delayed DC co-development roll-out, group's complex structure

** Out of 20 analysts that cover ACS, eight rate the stock "strong buy" or "buy," ​nine rate "hold" and three rate the stock "strong sell" or "sell" - LSEG data

 (Reporting by Marta Serafinko in Gdansk)

 ((marta.serafinko@thomsonreuters.com; +48 58 769 66 00;))