Ferrovial stock gains support from Bank of America after Tennessee highway win

Ferrovial stock (ISIN NL0015001IX2) was trading at a forward earnings multiple of 42.55 times as of September 18, 2026, reflecting high expectations after the company secured the USD 9.2 billion I-24 highway project in Tennessee. As of that date, the shares closed at EUR 47.64 on their primary listing on BME, representing a 0.19% gain compared with the prior session and signaling that investors are cautiously endorsing the new concession.

Highway concession and analyst backing

According to Ad-hoc-news on September 18, 2026, Ferrovial leads a consortium that has been awarded the I-24 highway project in Tennessee with a total contract value of USD 9.2 billion, marking one of the company’s largest infrastructure projects in North America. In the same report, the stock was cited as trading at 42.55 times forward earnings, underlining that the market is pricing in significant future cash flows from this and other concessions.

On the financing side, Expansion reported on September 21, 2026, that the Ferrovial-led consortium has committed to pay Tennessee USD 1.5 billion upfront as an entry fee for the toll concession, a figure that highlights both the scale of the project and the capital intensity required. This upfront payment is part of the broader USD 9.2 billion project envelope and is likely to influence near-term leverage and cash flow metrics.

Bank of America price target and valuation context

As Ad-hoc-news reported, Bank of America reiterated its Buy recommendation on Ferrovial stock on September 14, 2026, and set a price target of EUR 67 per share. At the closing price level around EUR 47.64 on September 18, 2026, this target implies an upside potential of close to 40 percent, indicating that the bank sees further re-rating potential even after the recent gains linked to the Tennessee concession.

Data from Yahoo Finance on September 20, 2026, show that the stock traded at USD 55.04 in its latest session, with an after-hours indication of USD 55.00. The same overview cites an average analyst price target equivalent to USD 76.64, meaning the market price is trading at a discount of roughly USD 21.60 to that consensus level, which aligns with the upside signal from Bank of America’s EUR 67 target when converted into dollars.

Recent price performance and trading metrics

Per price information as of September 18, 2026, Ferrovial stock closed at EUR 47.64 on BME, up 0.19% on the day with a narrow intraday range that saw an intraday high around EUR 47.73 and a low close to the prior close. This modest daily gain followed the news flow around the I-24 project and the reaffirmed analyst backing, suggesting that much of the good news had already been reflected in the share price by that point.

In terms of valuation context, the forward earnings multiple of 42.55 times as of September 18, 2026, places Ferrovial at a premium compared with many traditional construction and infrastructure peers, according to the commentary cited by Ad-hoc-news. For investors, this means that delivering the expected cash flows from the Tennessee concession and other projects will be critical to sustaining that valuation.

Stock level and investor takeaway

As of the last completed trading day before September 21, 2026, Ferrovial stock stood at EUR 47.64 on its primary listing on BME, corresponding to approximately USD 55.04 on its New York line, with a forward price-to-earnings ratio of 42.55 and supported by a new USD 9.2 billion concession in Tennessee. For investors, the combination of a EUR 67 price target from Bank of America and the sizeable USD 1.5 billion upfront payment to Tennessee underscores both the upside potential and the execution risks embedded in Ferrovial stock at current levels.

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