OMA downgraded to Underperform from Sector Perform at Scotiabank (yesterday)

Scotiabank yesterday downgraded OMA (OMAB) to Underperform from Sector Perform with a price target of $85. The firm said lost traffic, and the increase of concession fees, will be compensated by higher tariffs benefiting Asur (ASR) beginning in April 2024, and GAP Airports (PAC) in 2025. However, OMA will have to wait until 2026 for that, the analyst tells investors in a research note. Scotiabank cited the combination of a valuation call and lower earnings momentum in the next two years relative to the peer group for the downgrade of OMA.