Oppenheimer Reiterates Outperform on Macquarie Infrastructure (MIC) Following 3Q
- Dow opens at record high led by oil, bank stocks
- Oil tops $55 for first time in 16 months as OPEC deal fuels buying
- Consolidated Communications (CNSL) to Acquire FairPoint Communications (FRP) in $1.5B Deal
- Wall St. stock futures fall after Italy referendum
- Pre-Open Stock Movers 12/05: (FRP) (GMED) (CHK) Higher; (CERC) (HDSN) (MRVL) Lower (more...)
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Credit Suisse Upgrades National Beverage (FIZZ) to Outperform
- Jefferies Cuts Price Target on Kroger (KR) to $30 Following 3Q and Guidance
- Jefferies Raises Price Target on Parker-Hannifin (PH) Ahead of Acquisition Close
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!