UPDATE: Goldman Sachs Downgrades Grupo Aeroportuario Del Sureste (ASR) to Sell

Goldman Sachs analyst Bruno Amorim downgraded Grupo Aeroportuario Del Sureste (NYSE: ASR) from Neutral to Sell with a price target of $165.00 (from $135.00).

The analyst comments "Downgrading ASUR to Sell from Neutral as, even though we view it as a solid and well run business: i) on our estimates ASUR’s valuation is expensive at 8% IRR vs 10-11% for GAP and OMA and vs our cost of equity estimate of 10%; and ii) ASUR’s regulated revenues represented ~63% of its consolidated 2019 revenues (vs 76% and 74% for OMA and GAP, respectively), therefore, under a scenario of traffic downturn, the company would be less protected vis-a-vis OMA and GAP. We have incorporated in our estimates the extraordinary tariff and capex revisions in their Mexican concessions announced on April 7 (higher tariff, lower capex)."

For an analyst ratings summary and ratings history on Grupo Aeroportuario Del Sureste click here. For more ratings news on Grupo Aeroportuario Del Sureste click here.

Shares of Grupo Aeroportuario Del Sureste closed at $188.40 yesterday.

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