On Thursday, Morgan Stanley (NYSE:MS) adjusted its outlook on shares of Grupo Aeroportuario Del Sureste (NYSE:ASR), reducing the price target to $360 from the previous $415. Despite the price target reduction, the firm maintains an Overweight rating on the stock.
The revision follows the company's second-quarter 2024 results, which led to a reassessment of the investment firm's macroeconomic assumptions and a slight increase in their traffic predictions for 2024. Additionally, Morgan Stanley adjusted its estimates for aeronautical and non-aeronautical fees for all the forecasted periods.
The analyst from Morgan Stanley stated, "We are updating our estimates following 2Q24 results. We are (i) marking to market our macro assumptions, and (ii) slightly increasing our traffic assumption for 2024, and aero and non-aero fees estimates for all forecast periods."
The updated assessment by Morgan Stanley reflects the latest available financial data and market conditions relating to Grupo Aeroportuario Del Sureste. The Overweight rating suggests that the analyst believes the company's stock is expected to perform better than the average return of the stocks the analyst covers over the next 12-18 months.
Grupo Aeroportuario Del Sureste's new price target of $360 represents the firm's adjusted expectation of the stock's future price level, taking into account the company's recent performance and revised forecasts. The company operates airports in Mexico, the United States, and Colombia, and its financial performance is closely watched by investors in the infrastructure and transportation sectors.
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