Ferrovial upgraded to Buy from Neutral at BofA

BofA upgraded Ferrovial (FER) to Buy from Neutral with a price target of EUR 44, up from EUR 37.50. The firm sees a “solid” operating outlook for the motorways in the U.S. and Canada, optionality on the company’s new greenfield projects in the U.S. and scope for extraordinary cash return at the fiscal year results. A special dividend or buyback looks plausible at the results, the analyst tells investors in a research note.