Hochtief hits record high on US dead-centre construction optimism

Sterling Infrastructure

05/05/2026 16:09

** Germany's Hochtief HOTG.DE and Spain's ACS ACS.MC rise to new record highs as optimism over the U.S. contracting cycle grows, driven by tech and data-centre buildouts

** Gains are also supported by a positive read-across from upbeat results at Sterling Infrastructure STRL.O, which sent shares in the US contractor rising by as much as 47%

** Sterling Infrastructure ups 2026 revenue guidance to $3.70-3.80 billion, compared to prior guidance of $3.05-3.20 billion after Q1 revenues rose 92%, beating expectations

** "US contracting peers are upgrading guidance for 2026 already, with tech and data centres called out as key drivers of demand... We expect HOT/ACS will echo this sentiment and report strong earnings growth led by the US," says Jefferies

** Jefferies lifts its target for Hochtief to 480 euros after upgrading outer year growth forecasts on strong industry demand, while lifting its ACS target to 143 euros

** Hochtief is up 15.8% to an all-time high, while ACS rises 9% to a new record high. Both report Q1 results next week

 (Reporting by Tristan Veyet, Danilo Masoni)

 ((Tristan.veyet@thomsonreuters.com))