Oppenheimer Reiterates Buy on Macquarie Infrastructure (MIC) After Meeting with management

September 15, 2016 9:33 AM EDT
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Price: $82.13 +0.26%

Rating Summary:
    5 Buy, 0 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 19 | Down: 19 | New: 13
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Oppenheimer reiterated an Outperform rating and $100.00 price target on Macquarie Infrastructure (NYSE: MIC) after meeting with management. Management believes it can grow FCF 10%-15% annually, in line with its ~14% historical rate. Overall, Oppenheimer remains bullish on MIC as management continues to deliver solid double-digit growth, while it lays the groundwork for continued low-teens FCF growth.

Analyst Ian Zaffino commented, "Management remains committed to annual FCF growth of 10%-15%, driven by solid performance and investment opportunities in Aviation and Contracted Power. Aviation continues to benefit from larger planes, share gains and increased margins, while CP&E enjoyed favorable weather. Management has good visibility into its new project pipeline, which would support a growth capex increase to $350M in 2017, from $250M in 2016. Further, we expect small, bolt-on acquisitions in Aviation, rather than a larger, transformative 5th vertical deal. Current dividend yield stands at ~6.3%. Maintain Outperform and $100 price target."

For an analyst ratings summary and ratings history on Macquarie Infrastructure click here. For more ratings news on Macquarie Infrastructure click here.

Shares of Macquarie Infrastructure closed at $79.56 yesterday.

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