Oppenheimer Reiterates Buy on Macquarie Infrastructure (MIC) After Meeting with management
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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."
Shares of Macquarie Infrastructure closed at $79.56 yesterday.
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