Oppenheimer Reiterates Outperform on Macquarie Infrastructure (MIC) Following 3Q

November 1, 2016 10:20 AM EDT
Get Alerts MIC Hot Sheet
Price: $80.77 +0.67%

Rating Summary:
    5 Buy, 0 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 27 | Down: 20 | New: 14
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Oppenheimer reiterated an Outperform rating and $100.00 price target on Macquarie Infrastructure (NYSE: MIC) following the company's 3Q earnings report. IMTT reported $87.0M of Adj. EBITDA, vs. $72.9M in 3Q15. FCF/share of $1.62 surpassed $1.48 estimates.

Analyst Ian Zaffino commented, "Helped by strength in Aviation, IMTT and CP&E, MIC reported better-than-expected 3Q results. EBITDA of ~$184M exceeded our ~$165M estimate, while FCF/share of $1.62 surpassed our $1.48 est. Atlantic Aviation outperformed with an 11.3%/30.5% increase in EBITDA/FCF. IMTT held its own with a 19.4% increase in EBITDA, despite lower noncore, oil mop and rail services revenues. The smaller CP&E showed strength, with revenues up 5% to $45.5M, helped by the warm summer. Management reiterated its FY2016 dividend guidance ($5-$5.10) and raised the quarterly dividend 14.2% YoY to $1.29/share ($5.16 annualized). 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 $81.81 yesterday.



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