JPM starts ACS at 'overweight' as data centre fears cloud growth story

HOCHTIEF AG

15/10/2026 09:25

** JPMorgan initiates its coverage on Spanish builder ACS ACS.MC with an "overweight" rating saying data centre fears "obscure a compelling growth and valuation story"
** The broker sets its PT at €127 ($142.37)
** Says that after 36% share price drop since May peak it sees "a compelling entry point into a business whose growth prospects remain firmly intact"
** It believes the market underestimates ACS's data centre growth, with its secured backlog already underpinning consensus expectations and a strong pipeline offering upside through 2030
** It adds the stock's valuation does not fully reflect the value of its non-Hochtief businesses, while potential gains from US projects, data centre investments and a possible US listing offer further upside
** Out of 20 analysts that cover ACS, 13 rate the stock "strong buy" or "buy,"​ 5 rate it "hold" and 2​ rate the stock "strong sell" or "sell" - LSEG data


($1 = 0.8921 euros)

 (Reporting by Gemma Guasch)
 ((Gemma.guasch@thomsonreuters.com))