Deutsche Bank raises Aena to 'hold' as regulatory uncertainty eases

** Deutsche Bank raises Spanish airport operator Aena AENA.MC to "hold" from "sell" citing a more favourable-than-expected Dora III regulatory framework

** Spain's Council of Ministers approved Aena's roughly €13 billion ($15.00 billion) Dora III investment programme and allowed a tariff increase of 0.33% each year across its Spanish network

** Broker says investors now likely to shift their focus to passenger traffic growth, operating cost efficiencies and Aena's ability to manage spending under the investment plan

** Expects Aena to remain free cash flow positive while executing the programme, but says shareholder returns are likely to be weaker, with free cash flow yields of 1%-2% in 2028-2030, down from 5%-8% during the previous Dora II period

** Raises its price target to 24 euros from 20 euros

($1 = 0.8666 euros)