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Aena Stock Climbs on Analyst Upgrades Citing Strong Traffic Outlook
Summary
Shares of the Spanish airport operator gained after Bernstein and Bank of America upgraded the stock, citing a stronger earnings outlook driven by accelerating passenger traffic and commercial revenues.
Shares in Aena SME SA (AENA) gained on Tuesday after two major investment banks upgraded the stock, pointing to a robust outlook for passenger traffic and revenue growth. The Spanish airport operator's stock rose 1.2% to €27.14 following the positive analyst actions.
Dual Upgrades Boost Sentiment
Bernstein raised its rating on Aena to "Outperform" from "Market Perform," lifting its price target to €30.80 from €27.00. The firm cited an improved medium-term earnings trajectory, supported by higher passenger traffic assumptions and accelerating commercial income.
According to Bernstein, its 2026 forecast for Spanish air traffic has been increased by approximately 3 million passengers to 333 million. The firm projects traffic growth will accelerate to around +4% through the peak summer season, a figure that is notably above both Aena's official guidance and prior market consensus.
Bank of America echoed this bullish sentiment, moving its recommendation to "Buy" and increasing its price target to €30.50. The bank's move further validates the positive thesis on Aena's traffic and commercial revenue potential.
AdOperational and Market Context
Beyond the analyst ratings, Aena's ongoing infrastructure investments provided a further tailwind. The company recently awarded a €39.77 million contract for runway renovations at Madrid-Barajas airport, underscoring its commitment to capital projects ahead of its next major regulatory period, known as DORA III.
The broader market environment was also supportive, with Spain’s IBEX 35 index trading higher. Looking ahead, investors are focused on Aena's half-year earnings release, scheduled for July 29, to see if the strong traffic numbers have translated into improved margins and cash generation.