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Investing.com - Goldman Sachs downgraded Flughafen Zurich AG (SIX:FHZN) (OTC:UZAPF) from Buy to Neutral on Thursday, maintaining its price target of CHF270.00.
The Swiss airport operator’s stock rating was adjusted as Goldman Sachs reassessed its medium-term growth prospects. The investment bank noted that while Flughafen Zurich should return to earnings per share and dividend per share growth by 2028, the near-term total shareholder return is now expected to be lower than in recent years.
Goldman Sachs projects a dividend per share of CHF 9 in 2028 and approximately CHF 10 in 2029/30. The firm’s 12-month DCF-based price target remains unchanged at CHF 270, representing about 10% upside potential.
The downgrade comes despite Goldman Sachs’ continued positive view on the company’s long-term asset characteristics, strong balance sheet, and dividend potential. The investment bank indicated that the expected return now aligns with the average price target upside across its Transport and Infrastructure coverage at 14%.
Since Goldman Sachs added Flughafen Zurich to its Buy list on May 13, 2019, the shares have gained approximately 50% in Swiss francs, translating to a total shareholder return of about 90% in euros. This outperformed both the FTSE Western Europe index, which rose 55% in euros during the same period, and Goldman’s Transport Infrastructure coverage, which increased 40% on average in euros.
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