Oppenheimer Reiterates Outperform on Macquarie Infrastructure (MIC) Following 3Q
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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."
Shares of Macquarie Infrastructure closed at $81.81 yesterday.
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