J.P. Morgan sets EUR 127 target for ACS stock

Published on 10/23/2026 at 09:51 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

The bank rates ACS Overweight on October 19, 2026. ACS stock costs EUR 87.23 on October 23, 2026 below its EUR 141.20 52-week high.

Coverage and operating scale

J.P. Morgan began ACS coverage with an Overweight rating and a EUR 127.00 target on October 19, 2026.
Operational net profit reached EUR 510 million in the first half of 2026, up 30.00 percent year-on-year.
ACS stock trades at EUR 87.23 at 9:40 a.m. CEST at Lang & Schwarz on October 23, 2026.

Bauhaus-Poster mit geometrischen Formen und dem Text BAU in kräftigen Farben — Bauhaus-Poster mit geometrischen Formen symbolisiert ACS Actividades de Construcción y Servicios S.A. (ES0167050915), Illustration mit AI erstellt.

ACS (ISIN ES0167050915) has a EUR 127.00 price target and an Overweight rating from J.P. Morgan, according to Merca2 on October 19, 2026. ACS stock was trading at EUR 87.23 at Lang & Schwarz on October 23, 2026 at 9:40 a.m. CEST, while its 52-week range stood at EUR 69.50 to EUR 141.20.

What supports the target?

J.P. Morgan's case centers on ACS's shift toward infrastructure with data-center, energy and managed-lane exposure. The bank's note highlighted contract structures designed to reduce exposure to inflation and fixed-price risk, while assigning the stock a EUR 127.00 target.

The valuation case also rests on operating growth. In the first half of 2026, ACS reported operational net profit of EUR 510 million, up 30.00 percent year-on-year. Sales rose 12.00 percent on an exchange-rate-adjusted basis to EUR 26.20 billion, while adjusted EBITDA increased 14.20 percent to EUR 1.60 billion, according to the company's earnings-call transcript carried by Yahoo Finance.

How large is the backlog?

ACS entered the second half with an order backlog of EUR 105.90 billion as of June 2026, up 21.00 percent on a comparable basis. Data-center backlog reached EUR 21.90 billion, an 88.00 percent year-on-year increase, giving the group a clear operating link between digital infrastructure demand and its growth profile.

Management also raised 2026 operational net profit guidance to growth of 30.00 percent to 35.00 percent, equivalent to EUR 1.10 billion to EUR 1.15 billion. The same call cited net operating cash flow of EUR 2.30 billion over the last twelve months, a figure that supports ACS's investment capacity while the group expands into new infrastructure markets.

When are the next results?

ACS is scheduled to report nine-month 2026 results on November 12, 2026, according to Simply Wall St. That release should show whether the first-half earnings trend and backlog conversion remain aligned with the raised full-year guidance.

ACS stock and valuation

ACS had a market capitalization of EUR 23.20 billion as of October 23, 2026. The EUR 87.23 Lang & Schwarz price sits below the EUR 127.00 analyst target and below the EUR 141.20 52-week high, leaving the operating figures and the November reporting date as the next concrete valuation tests.

ACS was trading at EUR 87.23 at Lang & Schwarz on October 23, 2026 at 9:40 a.m. CEST.

The further course of trading is shown by the continuously updated real-time quote of ACS stock.