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Aena: UBS still a buyer after quarterly update.

(CercleFinance.com) - This morning UBS confirmed its buy rating on Spanish airport operator Aena, while the share has been battered on the Madrid stockmarket (-3%) after the group announced its quarterly results.

The broker also maintains its target price of 192 euros, which suggests upside potential of around 30%.

According to its research report, overall, Aena's nine month sales were "in line with consensus expectations," at nearly 3.1 billion euros. The same applies for EBITDA and net income.

Analysts note that sales rose by approximately 7%, while EBITDA is up around 11%, which comes in addition to a reduction in supplier costs and operational leverage.

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