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Investing.com - JPMorgan has initiated coverage on Flughafen Zurich AG (SIX:FHZN) (OTC:UZAPF) with an Overweight rating and a price target of CHF270.00.
The investment bank views the airport operator’s valuation as attractive, particularly considering the additional earnings growth expected from the opening of Noida Airport, which according to company guidance will contribute approximately 18% to the group’s EBITDA by 2029 compared to 2025 estimates.
JPMorgan notes that while some uncertainty remains regarding potential tariff reductions in Zurich and execution risks at the Noida project, expectations for both issues appear to be at reasonable levels. The bank’s analysis assumes a 5% tariff cut, with sensitivity analysis suggesting that even a 10% reduction would result in less than 4% and 6% cuts to 2027 estimated EBITDA and free cash flow, respectively.
The research note highlights strong near-term traffic momentum for the Swiss airport operator, along with a longer-term traffic outlook that compares favorably to industry peers.
JPMorgan also points to the premium typically commanded by Swiss companies as a factor supporting its positive outlook on Flughafen Zurich shares.
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