J.P. Morgan downgrades Ferrovial stock to Neutral

Published on 10/06/2026 at 14:43 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

J.P. Morgan's target is EUR 50.00 versus EUR 65.00. Ferrovial stock costs EUR 45.34 on October 6, 2026 after EUR 46.23, minus 1.93 percent.

Börsenszene mit Sektorcharts symbolisiert Ferrovial SE, ISIN NL0015001IX2, Aktienhandel — Börsen-Editorialfoto mit Sektorcharts am belebten Handelsplatz repräsentiert Ferrovial SE, ISIN NL0015001IX2, notiert an Euronext Amsterdam, Illustration mit AI erstellt.

Ferrovial (ISIN NL0015001FS8) was trading at EUR 45.34 at Lang & Schwarz on October 6, 2026 at 2:37 p.m. CEST, down 1.93 percent versus the prior close of EUR 46.23. According to Investing.com on October 6, 2026, J.P. Morgan downgraded Ferrovial from Overweight to Neutral and cut its price target from EUR 65.00 to EUR 50.00.

Why the I-24 project matters

The downgrade centers on Ferrovial's I-24 Southeast Choice Lanes project in Tennessee. The Ferrovial-led consortium won a 26-mile Nashville-to-Murfreesboro corridor with a $24.8 billion concession value, including a $1.5 billion upfront payment, according to Investing.com.

The project carries a fixed-price construction contract worth $9.20 billion over eight years, with cost overruns borne by the consortium. Ferrovial owns 65.00 percent of the project, making the capital structure and traffic assumptions important to the investment case.

Revenue and liquidity provide scale

Ferrovial's investor-relations page lists EUR 9.60 billion of revenue, EUR 40.60 billion of capitalization and EUR 5.10 billion of total liquidity for fiscal year 2025, alongside 22,609 employees, according to Ferrovial. Those figures show why a single large concession can affect valuation while remaining one project within a broader toll-roads, airports, construction and energy-infrastructure portfolio.

The next scheduled financial milestone is Ferrovial's third-quarter 2026 results release on October 27, 2026, followed by the conference call on October 28, 2026, as listed on the company's investor calendar.

Stock remains below the target

At EUR 45.34, the Lang & Schwarz price stood EUR 4.66 below J.P. Morgan's new EUR 50.00 target on October 6, 2026. The target is therefore 10.28 percent above the euro reference price, while the cut from EUR 65.00 represents a 23.08 percent reduction in the brokerage's target.

The further course of trading is shown by the continuously updated real-time quote of Ferrovial stock.