Banco Bradesco BBI S.A upgrades PAC from Neutral to Outperform

Banco Bradesco BBI S.A upgraded Grupo Aeroportuario del Pacífico (PAC, $12.7B market cap) from Neutral to Outperform on 2026-05-05.

The Rating Action

Banco Bradesco BBI S.A upgraded Grupo Aeroportuario del Pacífico (PAC, $12.7B market cap) from Neutral to Outperform on 2026-05-05. The firm’s research announcement was filed with the SEC as a 6-K on the same day, accessible via EDGAR accession number 0001171843-26-003045. At the time of the rating, PAC shares traded at $252.09, representing a 2.36% daily gain.

Coverage History & Consensus

As of May 1, 2026, the broader analyst consensus for PAC broke down to 0 Strong Buy, 3 Buy, 4 Hold, 0 Sell, 0 Strong Sell ratings, per the provided distribution data. This marks a steady consensus split since February 1, 2026, when the count was 0 Strong Buy, 2 Buy, 5 Hold, 0 Sell, 0 Strong Sell. Banco Bradesco BBI’s upgrade shifts its own prior Neutral rating to a more bullish stance, placing it above the prevailing consensus which has been anchored between Hold and Buy ratings for the prior three months. No other analyst firms have issued updated public ratings for PAC as of May 6, 2026.

Cross-Reference to Fundamentals & Filings

The upgrade aligns with recent positive operational and financial disclosures from PAC. The company’s April 20, 2026 earnings report beat consensus estimates: EPS came in at $3.63, surpassing the $3.54 Street estimate, while total revenue hit $656,236,600, well above the $569,969,900 consensus forecast. Additional institutional context shows that as of December 31, 2025, 170 institutional holders held 15.9% of PAC’s float, with 82 institutions increasing their positions and 24 adding new stakes during the fourth quarter of 2025. Limited insider activity has been reported in 2026, with only director Gallardo Thurlow Juan Ignacio disclosing a holding of 75,791,619 shares via a March 19, 2026 Form 4 filing, with no accompanying share sales or purchases.

What the Rating Change Does NOT Signal

First, the provided context does not include an explicit price target tied to Banco Bradesco BBI’s upgrade, so the action does not convey a quantified valuation range for PAC shares. Second, the rating does not directly address the 7.6% year-over-year decline in April 2026 passenger traffic disclosed in the concurrent May 5, 2026 6-K filing, as the traffic data was released alongside the rating note but not explicitly referenced in the provided research context. Third, the upgrade does not reflect changes in institutional positioning since the end of 2025, as the most recent 13F filing data is four months old and does not cover Q1 2026 institutional trading activity.