JPMorgan analyst Guilherme Mendes upgraded GAP Airports (PAC) to Overweight from Neutral with a price target of MXN 460, down from MXN 465. The stock has lagged its peers by around 10 percentage points primarily due to subdued traffic trends and concerns over capital allocation but now offers a “reasonable 21% total return”, the analyst tells investors in a research note. GAP’s 13% premium to the sector is warranted given the company’s high-quality and diversified portfolio, its long-term potential to unlock value through commercial activities, and its disciplined approach to capital allocation, the firm added.
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