Jefferies raises 'AI winner' ACS to 'buy' as data centre investment keeps giving

HOCHTIEF AG

16/02/2026 07:26

** Jefferies upgrades Spanish construction group ACS ACS.MC to "buy" from "hold", citing the underappreciated value of its greenfield infrastructure stub

** Given hyperscaler capital expenditure continues to exceed expectations, Jefferies still sees room for growth for ACS, even as shares have appreciated over 300% in three years

** "As AI data center demand continues to exceed supply, ACS and Hochtief HOTG.DE will be key beneficiaries," the brokerage says, referring also to the Spanish group's German subsidiary

** It increases ACS' PT to 116 euros ($137.60) — about 18% higher than Friday's closing price — to reflect ACS' data centre pipeline and growing upside from US Express Lane development

** The brokerage also updates Hochtief's PT to 371 euros but keeps it at "hold", as "construction valuation looks full"

**  Out of 20 analysts that cover ACS, six rate the stock "strong buy" or "buy"​, 11 "hold" and three rate the stock "strong sell" or "sell" - LSEG data

($1 = 0.8430 euros)

 (Reporting by Javi West Larrañaga)

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