Jefferies forecasts strong traffic growth for European airports

Fraport Frankfurt Airport Services Worldwide AG

30/01/2026 08:57

** Jefferies projects an increase in traffic growth for European airports in 2026 as airline capacity rises

** The broker sees Aena AENA.MC and Fraport FRAG.DE as particularly well placed to capitalise on the uptick in demand and upgrades both to "buy" from "hold"

** For the German Fraport Jefferies sees a clear path ahead to an inflection point as the current pricing agreement with airlines ahead reduces uncertainty

** The broker also says that Aena's construction projects in Madrid, Barcelona and its smaller airports will increase the number of international travellers and in turn boost retail returns

** Jefferies leaves Flughafen ZuerichFHZN.S and ADPADP.PA on "hold" due to regulatory costs and in the case of ADP the broader macro environment in France

** Shares of Fraport and Aena are up 2.9% and 1.6% respectively at 08:30 GMT

COMPANY
NEW RATING
OLD RATING
PT
OLD PT
Aena
buy
hold
EUR 30
EUR 24
Fraport
buy
hold
EUR 100
EUR 72
ADP
hold
hold
EUR 122
EUR 126
Flughafen Zurich
hold
hold
CHF 239
CHF 246

 (Reporting by Simon Ferdinand Eibach)

 ((Simonferdinand.eibach@thomsonreuters.com))