Key takeaways:
• The outlook for European airports is supported by 1/ traffic recovery, 2/ improvement in Retail, 3/ reduced leverage concerns
• We upgrade Flughafen Zurich to Buy (new CHF212 PO), and reiterate our Buys on AENA (new €192 PO) and Fraport (€62 PO).
• We stick to our Underperform on AdP (new €122 PO).