Ferrovial suffered a strong punishment in the market this Wednesday, with a decline close to 5% after UBS analysts withdrew their buy recommendation on the company and cut the revaluation margin they see in its shares.
At the close of the session, the construction company's shares ended at 51.42 euros, their lowest level since October 6, 2025, after dropping 4.95%. This is its worst trading day since April 7, 2025, when it plummeted 5.44%.
The UBS analysis team has shifted from suggesting a "buy" of Ferrovial shares to a "neutral" stance, and has cut the target price from 65 to 59 euros per share. Nevertheless, this new valuation continues to be above the price at which the company is currently trading in the market.
For its part, the consensus of experts compiled by Bloomberg maintains a favorable view on the stock: there are thirteen buy recommendations, compared to eleven to "hold" and two to "sell." The average target price is set at 61.32 euros, which implies a revaluation potential of 19.3% compared to the close.
The main reason for the downgrade by UBS is the "uncertainty" it perceives in the profitability of the recently awarded project in the United States, aimed at developing the express lanes of the I-24 Southeast highway in Nashville (Tennessee, United States).
This contract, covering 42 kilometers, provides for the incorporation of express lanes in both directions of the I-24 between Nashville and Murfreesboro, with the aim of alleviating traffic in one of the most congested corridors in the area.
The project will be driven by the DriveTN consortium, led by Ferrovial and in which Transurban and Tikehau Star Infra also participate. This group will be responsible for the financing, design, construction, operation, and maintenance of the infrastructure, valued at 9.2 billion dollars (7.882 billion euros), which will provide the state of Tennessee with an estimated concession value of 24.8 billion dollars (21.246 billion euros).
According to UBS's calculations, the project's profitability will be around 7%, a level that the bank considers "disappointing" when taking into account the investment risks that the consortium will assume.