Atlantia it is the worst stock on the Ftse Mib in mid-morning, with a fall of more than 1%, to 18 euros. The title pays the rating downgraded by Ubs, which brought the valuation of the stock from buy to neutral, however slightly raising the target price from 17 to 18 euros.
The reason? The Swiss Bank points out that the action ran a lot, gaining 36% in the last 12 months, against the +10% achieved by the Ftse Mib and the +15% of its main competitors.
Ubs highlights how, from an industrial point of view, 2013 should end with a drop in Italian traffic of 2%, but also that Atlantia will benefit from the gradual recovery of traffic itself (already recorded in the fourth quarter), tariff increases and exposure on airports.
Despite this, concludes the bank, the share trades 18 times the 2014 profits, at a premium of 30% on the historical average and therefore there are limited possibilities of increasing the stock market value.
