JPM ups Aena to 'neutral' as 'negative catalysts have played out'

CNMC Goldmine Holdings

05/06/2026 08:23

** J.P. Morgan upgrades Spanish airport operator Aena AENA.MC to "neutral" from "underperform", as it believes the company's negative catalysts have played out
** The broker says it now sees materially less regulatory risk, with the eventual DORA III agreement highly unlikely to be less favourable than the CNMC's proposal
** It says that the co's shares' weakness suggests that the traffic risks resulting from the Middle East conflict are reflected in the share price
** With traffic momentum remaining healthy relative to peers and the dividend yield remaining attractive the broker sees little reason for share price underperformance in the coming months
** It sees greater upside for Fraport FRAG.DE, where declining capex is driving a FCF inflection and which is likely to prove the greater beneficiary of any positive newsflow in the Middle East​
** Out of 23 analysts that cover Aena, seven rate the stock "strong buy" or "buy"​, 13 "hold" and three rate the stock "strong sell" or "sell" - LSEG data

    
  

 (Reporting by Joao Manuel Mauricio)
 ((JoaoManuel.VicenteMauricio@thomsonreuters.com))