UPDATE: JP Morgan Upgrades Grupo Aeroportuario del Centro Norte to Overweight

According to a research report this morning, JP Morgan upgrades Grupo Aeroportuario del Centro Norte

from Neutral to Overweight as the Mexican airport continues to beat estimates on margins, improve operations and holds the highest ROE among all the other airports JP Morgan covers. JP Morgan stated, “Looking northward for value: upgrading OMA to OW, with a new Dec-12 PT of Ps31.5. In our view, the Monterrey-based company has consistently improved its operations over the last year, being able to both improve its commercial revenues and expand margins. As a result, since 2Q11, the reported EBITDA margin beat our expectations by an average of 4.9pp.” OMAB closed Friday at $14.75.