Jefferies cuts Ferrovial to 'hold' as re-rating tailwinds fade

Ferrovial NV

09/03/2026 07:19

** Jefferies downgrades Spanish infrastructure operator Ferrovial FERF.AS to "hold" from "buy," citing limited upside and better opportunities elsewhere in the sector

** Tailwinds from NASDAQ 100 .NDX inclusion, safe haven status during U.S. tariff volatility and pricing surprises on key assets in North America are now "fading", Jefferies says

** While potential new asset wins in the U.S. offer upside, the broker awaits project updates over the summer

** It also notes Ferrovial's exposure to discretionary express lanes creates a potential risk of price pressure should the economic outlook weaken or unemployment rise

** It lowers its target price by 4% to 60 euros, updating for higher yields

(Reporting by Marta Serafinko in Gdansk)

((Marta.Serafinko@thomsonreuters.com; +48 58 769 66 00;))