Barclays upgraded Athens International Airport stock to Equal Weight from Underweight, raising its price target to €10.2 from €10.1. The firm cited the airport's regulatory structure as providing a shield against anticipated traffic weakness stemming from Middle East conflicts. This upgrade reflects confidence in Athens' ability to maintain revenue despite regional volatility.

Barclays expects Athens' regulatory model to deliver immediate revenue protection even as traffic from the Middle East faces headwinds. The firm projects approximately 11% of the airport's capacity originates from the Middle East, with fiscal 2026 traffic growth forecast reduced to 4.7% from 5.8%. January and February traffic proved strong, however, prompting an upward revision of first quarter 2026 growth to 7%.

The firm anticipates traffic trends will recover in 2027, increasing its fiscal 2027 passenger growth forecast to 3.4% from 2.0% previously. Non-aviation revenue, which accounts for approximately 30% of group EBITDA, remains unchanged as lower traffic in fiscal 2026 is expected to be offset by reduced congestion during peak periods, improving the in-terminal experience and supporting spending per passenger.