Citi Downgrades Grupo Aeroportuario del Pacifico SA de CV (PAC) to Sell
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Citi downgrades Grupo Aeroportuario del Pacifico SA de CV (NYSE: PAC) from Hold to Sell. Price target lowered from $50 to $33.
Citi analyst says, "Grupo Aeroportuario has lopsided exposure to "weakest links" - in our Mexican airports piece dated May 8th, we noted that Avolar, Alma and AeroCalifornia are all headquartered in PAC airports. In contrast, we see rival ASUR continuing to benefit from 'weak dollar' tourism, while business travelers anchor OMA...we believe it is hard to time exactly when we could have 'negative events' with Mexico's LCCs (information is limited, as they are privately-held). However, even if oil retreats later this year, we are concerned that prices have been high enough (for long enough) that it seems hard to believe that all of them will survive."
Grupo Aeroportuario del Pacifico, S.A.B. de C.V. operates 12 airports, which serve two metropolitan areas (Guadalajara and Tijuana), several tourist destinations, such as Puerto Vallarta, Los Cabos, La Paz and Manzanillo, and a number of mid-sized cities, such as Hermosillo, Leon, Guanajuato, Silao, Morelia, Aguascalientes, Mexicali and Los Mochis.
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