Flughafen Zurich Upgraded to Buy, 18% Upside

Goldman Sachs raised Flughafen Zurich's 12‑month target to SFr265 (up 18.2% from SFr224.20) and upgraded rating to “buy”.
The broker cites 6% YTD passenger growth through April 2026, forecasting 5.3% traffic rise in H1 2026 and 1.8% in H2.
EPS expected to fall to SFr9.86 in 2027, recover to SFr11.32 by 2028; dividends dip to SFr7.40 in 2027, rise to SFr8.49 in 2028.
Risks include weaker traffic, unresolved Noida charges, higher Swiss rates, and a June referendum on population growth.