Jefferies downgraded Ferrovial to Hold from Buy with a price target of $70.93, up from $70.42. The firm sees limited upside to consensus estimates and less "re-rating tailwinds" for the shares post the recent rally. Ferrovial's new asset wins over the summer could drive share upside, bit Jefferies leaves unawarded projects out of the valuation with no certainty of a successful bid, the analyst tells investors in a research note.
