Wells Fargo Upgrades Macquarie Infrastructure (MIC) to Outperform; Raises Valuation Range
MIC Hot Sheet
Rating Summary:2 Buy, 0 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 16 | Down: 7 | New: 23
Wells Fargo upgrades Macquarie Infrastructure (NYSE: MIC) to Outperform. Valuation range increased from $6-9 to $9-12.
Wells analyst says, "Upgrading to Outperform based on, 1) shares trading at a discount to the sum of the parts value, 2) improving core operations, and 3) moderate leverage at MIC's core segments and minimal corporate risk from high leverage at Airport Services...Most of the value is derived from Bulk Storage, minimal value from Airport Services currently, but over time debt reduction could drive positive equity value at this segment. Increasing CAD estimates based on stabilization at Airport Services, solid progress reducing debt, and development projects coming online at IMTT. Our 2010 estimate is $2.14/sh, and we are introducing our 2011/2012 estimates of $2.57/$2.77 per share."
To see more analyst ratings on MIC Click Here.
Macquarie Infrastructure Company LLC invests, owns, and operates in a diversified group of infrastructure businesses, which provide basic everyday services.
Wells analyst says, "Upgrading to Outperform based on, 1) shares trading at a discount to the sum of the parts value, 2) improving core operations, and 3) moderate leverage at MIC's core segments and minimal corporate risk from high leverage at Airport Services...Most of the value is derived from Bulk Storage, minimal value from Airport Services currently, but over time debt reduction could drive positive equity value at this segment. Increasing CAD estimates based on stabilization at Airport Services, solid progress reducing debt, and development projects coming online at IMTT. Our 2010 estimate is $2.14/sh, and we are introducing our 2011/2012 estimates of $2.57/$2.77 per share."
To see more analyst ratings on MIC Click Here.
Macquarie Infrastructure Company LLC invests, owns, and operates in a diversified group of infrastructure businesses, which provide basic everyday services.
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