BofA Sees Passenger Traffic, Regulatory Clarity Driving Aena Growth; Estimates Updated

06:35 AM EDT, 10/21/2026 (MT Newswires) -- BofA Global Research revised its earnings forecasts for Aena (AENA.MC), citing passenger traffic momentum and regulatory visibility after the Spanish government's approval of the company's third Airport Regulation Document, or DORA III. "We revisit our investment case on AENA and fully revise our estimates to reflect the DORA III final determination, but also our expectation that AENA will outperform on traffic (vs regulatory forecasts), while continuing to improve its retail spending per pax. Meanwhile, we believe AENA can be more efficient on opex vs its initial DORA III submission and it should also see increased interest capitalization as capex rises, protecting EPS growth. We also incorporate newly acquired airports in the UK and Brazil," according to a Tuesday note. As such, the research firm trimmed its full-year 2026 EPS forecast, while raising its 2027 and 2030 estimates by 2% and 16%, respectively. Analysts also reiterated their buy rating on the Spanish airport operator, while trimming their price objective to 30 euros from 30.70 euros on higher interest rates. Key catalysts for Aena include its strategic plan update in the fourth quarter and the third-quarter results due on Oct. 28. BofA projects group EBITDA to reach 1.31 billion euros for the quarter, up 9.7% year over year and 1.9% ahead of Visible Alpha consensus.