ACS tiene un potencial superior al 40% pese a las dudas en torno a la IA

Deutsche Bank recently reduced its price target for Spanish construction giant ACS from 135 euros to 129 euros, despite the company maintaining a potential revaluation upside of over 40% to 130.58 euros according to Bloomberg consensus. The downgrade is justified by Deutsche Bank due to revised forecasts and a recent decline in investor sentiment towards AI-exposed stocks amid higher bond yields and doubts about the pace of AI infrastructure development.

However, analyst Isabella Baxter advises buying the shares, stating that fundamental factors driving demand for digital infrastructure remain attractive. Since January, ACS's stock has surged more than 65% from its May high of 140.40 euros, only to fall around 34% from that peak. About 60% of investment firms following the company see an upside above 150 euros per share.

UBS and Bernstein are among the more optimistic, projecting a climb beyond 150 euros. The company's track record of AI-related projects and potential exposure to a second wave of investment in power generation, grid networks, and other infrastructures needed for data centers are seen as positive factors. Additionally, ACS's subsidiaries in Germany (ACS Hochtief) and the US (Turner), as well as diversification into transport, energy, and defense, contribute to its appeal.

Investors are eagerly awaiting the third-quarter results and the Investor Day scheduled for November 12. ACS shares have risen by 9% in 2026.