Barclays cuts Flughafen Zurich to 'equal-weight' on H1 results

Athens International Airport

28/08/2024 09:45

** Barclays downgrades airport operator Flughafen Zurich
 FHZN.S  to "equal-weight" from "overweight" on "slightly
disappointing" H1 results
    ** Brokerage attributes the EBITDA miss to high labour,
police and security costs
    ** It sees slowed traffic growth in 2025 and retail revenues
hampered by continued construction until 2026; the stock is down
about 2.6% as of 0827 GMT
    ** The broker prefers Fraport  FRAG.DE  on a stable
relationship with Lufthansa and potential for retail growth when
Terminal Three opens, and Athens  AIAr.AT , which had a positive
result in its VAT legal case and has high traffic flows
    ** Both stocks are rated "overweight" by Barclays
    ** The average recommendation of 18 analysts on Flughafen is
a "hold", similar to Athens, while Fraport is rated "buy" - LSEG
data
 

 (Reporting by Bernadette Hogg)
 ((bernadette.hogg@thomsonreuters.com))