BofA downgrades GAP Airports to Underperform on ‘rich valuation'
BofA downgraded GAP Airports (PAC) to Underperform from Neutral with a price target of $258.40, up from $213.50. The firm cites the stock's 'rich valuation' for the downgrade, noting the shares are trading at a historically high 38% premium to the average multiple of peers. In addition, the slowing Mexican economy 'could spur headwinds ahead,' the analyst tells investors in a research note. BofA remains cautious on a stronger than expected traffic recovery in Mexico.
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