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Barclays (LON:BARC) upgraded Flughafen (VIE:VIEV) Zurich AG (FHZN:SW) (OTC:UZAPF) from Equalweight to Overweight on Thursday, raising its price target to CHF255.00 from CHF212.00.
The research firm cited more appealing timing of potential catalysts for the Swiss airport operator as the key reason behind the upgrade. Barclays described Zurich Airport as "an attractive asset, with a sensible management team and a conservative balance sheet."
The upgrade comes after Barclays had downgraded the stock in August 2024 due to "considerable uncertainty" related to the opening of Noida, a new airport project, and regulatory concerns that were not expected to be resolved until early 2026.
While Barclays acknowledges continued uncertainty around the Noida project, it expects this uncertainty "to be removed in the near future" with airport charges and operational startup likely occurring before year-end.
The firm’s favorable view of Zurich Airport as an asset has remained consistent, with its stock rating primarily influenced by two key factors—Noida and regulation—which now appear to have more positive near-term outlooks.
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