JP Morgan grants more bullish potential to Ferrovial after the relief in its dome

  • JP Morgan analysts raise the target price to 27 euros
  • The company’s shares do not escape pessimism and yield

The price of Ferrovial is in the zone of historical maximums after having raised the value more than 30% so far this year, but according to the JP Morgan analysts, has even more upside potential in the market.

The US bank’s experts have decided to raise Ferrovial’s target price to 27 euros, from the previous 26 euros, which represents an upward potential of almost 14% compared to its current levels and 12.7% compared to the close of the last Friday.

Ferrovial’s shares, however, failed to distance themselves this Monday from the pessimistic tone of the Ibex and they fell 0.92% in the middle of the session to mark 23.73 euros, compared to the 1.10% decrease marked by the main Madrid selective at the same time, which manages to narrowly save 8,800 points.

The improvement of the board of JP Morgan comes after last Friday the company announced the appointment of Ignacio Madridejos as the new managing director in relief of Inigo Meiras, in the position he has held for a decade and whose contract expired in 2020.

The company chaired by Rafael del Pino anticipates that the relief in the position of its first executive will take place on October 1. Meirás will remain in office until that date in order to ensure an orderly succession.

The Bankinter analysts highlight in a brief report that the new CEO comes from the cement company Cemex, where he held the presidency of the subsidiary in the USA. Ignacio Madridejos meets key conditions to hold the position, such as his engineering training, knowledge of the construction sector and his experience in North America. “We do not expect significant changes in the company’s strategy, so it should not have a relevant impact on the price,” these experts point out.