In a report released yesterday, Ian Zaffino from Oppenheimer maintained a Buy rating on Macquarie Infrastructure Company (MIC), with a price target of $45. The company’s shares closed yesterday at $40.01.
Zaffino observed:
“Helped by strength in Aviation, implementation of new utility rates at Hawaii, and solid performance at IMTT, MIC delivered adjusted EBITDA of $203M, compared to our/Street’s $178M/$185M estimates. Management continues to execute on the repurposing of IMTT with utilization reaching expectations of 82.5%, up sequentially from 82.0%. the company also entered into an agreement to sell its portfolio of wind and solar assets for net cash of $160M and will deconsolidate $302M of related debt. Management reiterated FY2019 guidance, calling for EBITDA of $610M-$635M and FCF of $400M-$445M. Maintain Outperform.”
According to TipRanks.com, Zaffino is a 4-star analyst with an average return of 3.9% and a 56.3% success rate. Zaffino covers the Services sector, focusing on stocks such as Servicemaster Global Holdings, Wyndham Hotels & Resorts Inc, and Wyndham Destinations Inc.
The word on The Street in general, suggests a Hold analyst consensus rating for Macquarie Infrastructure Company with a $42 average price target.
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The company has a one-year high of $47.74 and a one-year low of $33.71. Currently, Macquarie Infrastructure Company has an average volume of 784K.
Based on the recent corporate insider activity of 64 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of MIC in relation to earlier this year.
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Macquarie Infrastructure Corp. engages in the ownership, operation and growth of portfolio of infrastructure and infrastructure-like businesses with the aim of producing an attractive risk. It operates through the following business segments: International-Matex Tank Terminals (IMTT), Atlantic Aviation, Contracted Power (CP), and MIC Hawaii.
