Oklo stock tumbles as Financial Times scrutinizes valuation
Investing.com - Morgan Stanley downgraded Athens International Airport (AIA:GA) from Equalweight to Underweight on Monday, while lowering its price target to EUR9.60 from EUR10.10.
The downgrade comes despite Athens International Airport delivering the best year-to-date share price performance of approximately 45% including dividends, according to Morgan Stanley’s analysis.
The firm cited several factors for the rating change, including tactical tariff cuts as the carry forward balance is exhausted, increasing costs, and stalling retail spending per passenger, all of which put pressure on net income and dividend per share trends.
While Morgan Stanley acknowledged the airport’s re-engineered capacity expansion plan that merged 33MAP and 40MAP projects into a more ambitious project funded via a capital raise of up to EUR240 million, it believes the positive effects are already priced in.
The investment bank concluded that the combination of stretched valuation, earnings downgrades, and lack of additional regulatory upside warrants profit-taking, despite the long-term 5-7 year opportunity that remains from the expansion.
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