In a report released yesterday, Ian Zaffino from Oppenheimer maintained a Buy rating on Macquarie Infrastructure Company (NYSE: MIC), with a price target of $60. The company’s shares closed yesterday at $44.64.
Zaffino noted:
“Management appears comfortable with guidance around IMTT utilizations and is close to a sale of BEC. The company believes its quarterly dividend of $1/share (~9% yield and 65% of FCF) is sustainable and could grow once IMTT repurposes its tanks. In a vote of confidence, Macquarie Bank made its first-ever open market purchase of MIC stock (~$160M since May). $60 target.”
According to TipRanks.com, Zaffino is a 4-star analyst with an average return of 3.1% and a 55.9% success rate. Zaffino covers the Services sector, focusing on stocks such as Servicemaster Global Holdings, Wyndham Destinations Inc, and Six Flags.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Macquarie Infrastructure Company with a $52.50 average price target.
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Based on Macquarie Infrastructure Company’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of $76.83 million. In comparison, last year the company had a net profit of $26.02 million.
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Macquarie Infrastructure Corp, a traded fund that invests in infrastructure companies. The fund targets companies operating in the fields of airport services, bulk liquid terminals, gas production, and distribution.
