Institutional Investors Recalibrate PAC Holdings as Bank of America Shifts to Bullish Stance

Major Analyst Rating Flip on Grupo Aeroportuario del Pacífico

In a significant reversal of market sentiment, Bank of America Securities elevated its rating on Grupo Aeroportuario del Pacífico, S.A.B. de C.V. - Depositary Receipt (NYSE:PAC) to Buy on December 11, 2025, marking a shift from its previous Underperform stance. This move signals growing confidence in the Mexican airport operator’s fundamentals.

However, the broader analyst consensus presents a more cautious picture. As of December 6, 2025, the consensus one-year price target stands at $235.79 per share, representing potential downside of 9.13% from the current trading level of $259.49. Price projections among analysts range widely, from $228.29 on the conservative end to $247.18 on the optimistic side.

Revenue and Earnings Projections Paint Mixed Picture

Financial forecasts for PAC suggest moderate headwinds. Projected annual revenue is estimated at 30,095MM, reflecting a 12.28% decline from prior periods. On the earnings front, non-GAAP EPS is projected at 23.21, underscoring the challenging operating environment facing the company.

Fund Community Showing Measured Interest

The institutional landscape around PAC remains active, with 249 funds and institutions maintaining reported positions in the depositary receipt. This represents net growth of 7 holders over the past quarter, or 2.89% increase in total fund participants. The average portfolio allocation dedicated to PAC across all funds stands at 0.29%, though this figure has expanded by 3.82% sequentially.

Notably, total institutional share ownership dipped slightly, declining 1.00% over the three-month period to reach 10,130K shares outstanding.

Who’s Buying and Who’s Trimming?

Among major shareholders, divergent strategies are emerging:

iShares Global Infrastructure ETF (IGF) has meaningfully increased its conviction in PAC, accumulating shares to 1,298K from 1,107K in the prior quarter—a 14.76% increase. The fund expanded its PAC weighting by 18.07%, signaling confidence in the infrastructure thesis.

T. Rowe Price Associates, by contrast, has reduced exposure. The firm’s PAC holdings fell to 1,099K shares from 1,204K previously, representing a 9.58% quarterly decrease. Portfolio allocation weight was trimmed by 10.97%.

Lazard Asset Management demonstrated a more complex positioning: while growing absolute share count to 948K from 835K (11.84% increase), the firm simultaneously reduced relative portfolio weight allocation by 45.61%, suggesting rebalancing rather than conviction building.

Deutsche Bank AG substantially de-risked its PAC position, cutting allocation weight by 82.36% despite owning 812K shares, down marginally from 822K previously (1.22% decrease).

Renaissance Technologies maintained a minor position at 470K shares, down from 486K, with the 3.45% quarterly reduction accompanied by a 0.91% portfolio weight decrease.

What This Means for PAC

Bank of America’s upgrade injects fresh optimism into PAC, yet the divergence between the analyst’s bullish call and consensus price targets suggests the market remains skeptical about near-term upside. Institutional redeployment—with infrastructure-focused vehicles buying while diversified managers trim—indicates selective rather than broad-based conviction in the name at current valuations.