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Fraport: Berenberg cuts target price

( - Berenberg said on Friday that it has reduced its target price for the Fraport share from 39 euros to 37 euros, believing that the German airport group has been the most affected by the crisis in its sector.

"With its high exposure to business passengers, which made up more than a third of pre-pandemic traffic, Fraport's key Frankfurt Airport asset is likely to be among the worst affected by COVID-19 of its peer group in both the short and long term," the broker said in a research note.

"Despite capex and cost cuts, elevated leverage will remain and be a problematic hangover from the crisis for years, with traffic at Frankfurt probably not recovering until 2027 at least," it points out.

Berenberg maintains a "hold" rating on the stock.

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