JPMorgan has downgraded ASUR, the operator of Mexico’s Cancún International Airport, to Underweight from Neutral.
The bank also lowered its price target for the stock, citing a 5.8% decline in traffic at the airport and broader weakness in Mexican travel demand.
The move signals growing concern over the near-term outlook for one of Latin America’s most critical tourism gateways.
The downgrade reflects a shift in sentiment toward Mexican infrastructure plays as consumer spending patterns show signs of softening.
ASUR’s reliance on the Cancún hub makes it particularly vulnerable to fluctuations in international visitor arrivals, which have been pressured by economic uncertainty and shifting travel preferences.
Investors are now weighing the risk of prolonged volume declines against the company’s long-term growth narrative.