BofA Ups Price Objective, EPS Estimates for Aena After Spanish Airport Regulatory Update

06:41 AM EDT, 09/17/2026 (MT Newswires) -- BofA Global Research raised its price objective and EPS forecasts for Aena (AENA.MC) after the Spanish government unveiled tariff parameters for the Spanish airport and heliport manager's DORA3 regulatory period. In a Wednesday note, analysts highlighted that the 0.33% X-factor annual tariff increase set for 2027 through 2031 came in above the National Markets and Competition Commission's proposed 0.58% cut and BofA's forecast of no change. Additionally, they view the government's 1.8% traffic growth projection as "moderately conservative," pointing to Aena's history of outperforming estimates during previous regulatory cycles. "With regulatory visibility now significantly improved, we believe AENA presents a compelling value proposition, given supportive traffic momentum, strong balance sheet (notwithstanding significant [capital expenditure]) and upside in the unregulated Commercial segment. Importantly, we like AENA's capital allocation (capex in Spain with regulated returns not subject to competitive pressures, attractive returns in unregulated, 80% dividend payout)," BofA said. As a result, the research firm lifted the stock's price objective to 30.70 euros from 30.50 euros, while maintaining its buy rating. Analysts also boosted their EPS assumptions for full-year 2026 to 2028.