BofA turns selective on European infrastructure after strong 2025; cuts Vinci

Ferrovial

13/01/2026 12:37

** Bank of America adopts a more "selective approach" for European infrastructure in 2026 after a strong performance in the past 12 months

** The brokerage turns cautious on French companies citing risk of rising taxes in the country and slow GDP growth

** It double-downgrades Paris-listed Vinci SGEF.PA —from "buy" to "underperform"— and cuts Aeroports de Paris ADP.PA and Getlink GETP.PA to "underperform" from "neutral"

** "With c.50% of net profit in France, Vinci is exposed to the risk of rising French taxes (and) organic growth outlook looks muted across all segments," BofA says

** It also downgrades Eiffage FOUG.PA to "neutral" from "buy" and lifts Aena AENA.MC from "underperform" to "neutral"

** "We prefer infrastructure groups with U.S. exposure." the brokerage says, choosing Spain's Ferrovial FERF.AS, ACS ACS.MC and Sacyr SCYR.MC as top picks

COMPANY
RATING
OLD RATING
PT
OLD PT
Aena
Neutral
Underperform
EUR 25
EUR 22
Aeroports de Paris
Underperform
Neutral
EUR 116
EUR 130
Eiffage
Neutral
Underperform
EUR 142
EUR 150
Getlink
Underperform
Neutral
EUR 15.5
EUR 16.5
Vinci
Underperform
Buy
EUR 120
EUR 128

 (Reporting by Javi West Larrañaga)

 ((javier.west@thomsonreuters.com; +34 918 35 61 12))