Exane upgrades Aena, Zurich Airport on bookings, resilience despite risks

Fraport Frankfurt Airport Services Worldwide AG

20/05/2026 10:43

** Exane BNP Paribas upgrades Aena AENA.MC and Zurich Airport FHZN.S to "outperform" from "neutral", citing downside protection and solid summer bookings despite ongoing geopolitical risks

** While airport shares remain sensitive to geopolitics, the broker says recent declines since the start of the Middle East crisis have been too harsh

** BNP Paribas sees a recession as "highly unlikely", with a manageable risk of fuel shortages and a solid near-term outlook for air travel

** It adds that fuel prices do not hurt long-term travel growth, and airports remain relatively resilient, with uncertainty helping fee negotiations

** The broker names Zurich Airport its top pick, says ADP ADP.PA and Aena offer downside protection, while staying "neutral" on Fraport FRAG.DE and Athens Airport AIAr.AT

 (Reporting by Gemma Guasch)

 ((Gemma.guasch@thomsonreuters.com))