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ADP: Berenberg raises target price

(CercleFinance.com) - Berenberg reinstates its "buy" rating on the Aéroports de Paris (ADP) share, having increased its corresponding target price from 110 euros to 115 euros, saying "We continue to prefer the airports over the airlines as a way to play the reopening of travel".


"Traffic is likely to outperform peers' over the course of the year, while better-than-expected cost progress adds near-term upside and reduces cash burn," the broker said.

It also considers that "Capex deferrals at Charles de Gaulle Airport also make the group's mid-term cash flow profile somewhat better than it was pre-pandemic".


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