JPM cuts Fraport to 'neutral' after strong share price run, higher CAPEX view

Fraport Frankfurt Airport Services Worldwide AG

08/08/2025 10:11

** J.P.Morgan cuts German airport operator Fraport FRAG.DE to "neutral" from "overweight" after a strong YTD stock performance and higher capital expenditure estimate

** Fraport's shares have outperformed peers and gained 27% YTD, the broker says

** JPM also points to management commentary which indicated capital expenditures of around 800 million euros in 2026

** The broker hikes its capex estimate by 11% to 800 million euros for 2026 and by 30% to 650 million euros for 2027, which weighs on its forecasted free cash flow yields

**  Out of 21 analysts that cover the stock, 10 rate it "strong buy" or "buy,"​ nine rate it "hold" and two​ "strong sell" or "sell" - LSEG data

 (Reporting by Simon Ferdinand Eibach)

 ((Simonferdinand.eibach@thomsonreuters.com))