GAP Airports downgraded to Sector Perform from Outperform at Scotiabank

Scotiabank downgraded GAP Airports to Sector Perform from Outperform with a price target of $185, down from $224. The company’s “deserved” valuation premium makes it more vulnerable to a potential de-rating of Mexican assets, the analyst tells investors in a research note. The firm also remains cautious about Volaris, GAP’s largest domestic carrier exposure, who has been struggling in managing the grounding of its A320neo planes.