Wachovia Upgrades Macquarie Infrastructure Co. Trust (MIC) to Outperform
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Wachovia upgrades Macquarie Infrastructure Co. Trust (NYSE: MIC) from Market Perform to Outperform with a $32-$35 valuation range, saying the shares are too cheap.
The firm said, "we believe concerns over MIC's Airport Services (FBO) related operations are overblown, and the valuation is now too compelling to ignore. Our valuation range remains unchanged at $32-35/sh, which implies 27-49% total return potential over the next 12 mos., inclusive of the current dividend yld at 10%."
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