Grupo Aeroportuario del Pacifico, S.A.B. de C.V.'s (GAP) 2Q 09 fiscal performance deteriorated under the dual pressure of the weakened economy and swine flu outbreak. Considering weak 2Q 09 results and significant appreciation in common stock price since our last update, we view the stock as fundamentally overvalued at current price levels. Hence we maintain our SELL rating for the common stock. We will reassess the common…

Grupo Aeroportuario del Pacifico, S.A.B. de C.V.’s (GAP) 1Q 09 performance exceeded our expectations reflecting higher than anticipated revenues coupled with income tax benefits. We downgraded the common stock to a SELL in our company news alert, dated 27 April 2009, reflecting the risks associated with the swine flu outbreak in Mexico. We maintain the common stock a SELL, despite the target price not supporting a SELL rating at current price levels, as we remain concerned…

The outbreak of the swine flu virus in Mexico and the risk of a pandemic across the globe is expected to result in travel restrictions to and from Mexico. Consequently, we expect a significant decline in passenger traffic at Grupo Aeroportuario del Pacifico, S.A.B. de C.V.’s (GAP) airports. Given the high perceived risk and current price levels, we downgrade the GAP common stock from a HOLD to a SELL....