GAP Airports downgraded to Neutral at BofA on valuation, slower rate rise

BofA downgraded GAP Airports (PAC) to Neutral from Buy with a price target of MXN 420.50, down from MXN 439.20. The firm’s lower price target is driven by a downward revision to its estimates after incorporating 2025 guidance that assumes a slower-than-expected implementation of approved new maximum tariffs in Mexico, notes the analyst, who also cites the stock’s “rich valuation” following a rally in the share price.