JP Morgan ups ADP, names it top pick in European Airports; downgrades Aena
** JP Morgan upgrades France airport operator Aeroports de Paris ADP.PA to "overweight" from "neutral"; changes top pick in European Airports Space to ADP from Spain's Aena AENA.MC
** Brokerage notes contrasting share price performances YTD with ADP down -5% and Aena +22%, leaving ADP with 25% upside to its PT and Aena 5%
** "Investors have priced in a worst scenario for ADP on tax", JP Morgan adds, saying that they did so as a response to "political uncertainty in France and fears of tax rises"
** The broker also sees traffic between Paris and China as a source of further recovery for ADP as it stands now at around half of pre-COVID levels
** On the other hand, JP Morgan downgraded Aena to "neutral" from "overweight" as the Spanish airport operator's strong performance YTD has eroded much of the upside in its share price
** JP Morgan maintains "neutral" rating for Fraport FRAG.DE on uncertainty over German airport operator's traffic and tariffs in 2025 as Lufthansa's capacity issues have been a drag on traffic at Frankfurt
Reporting by Tiago Brandao
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