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Investing.com - Bernstein SocGen Group upgraded ACS Actividades de Construccion y Servicios SA (OTC:ACSAY) from Market Perform to Outperform on Tuesday, raising its price target significantly to EUR94.60 from EUR59.00.
The Spanish construction and services company has seen its shares rally 51% year-to-date, yet Bernstein SocGen believes there remains "renewed unlocked value opportunity" following recent results and the company’s Capital Markets Day.
The upgrade comes as Bernstein SocGen cites ACS’s "attractive valuation" supported by a "compelling operational and strategic profile," which the firm believes positions the company for further upside potential.
Bernstein SocGen highlighted that under its current CEO, ACS has undergone a "remarkable strategic transformation" that has renewed investor confidence, as reflected in the share price performance.
The firm also pointed to ACS’s exposure to industry megatrends, projected double-digit average EPS and dividend per share growth from 2024 to 2027, and a "value-enhancing capital-allocation strategy" as factors that differentiate the company within its sector.
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