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Oppenheimer analyst Ian Zaffino maintained a Buy rating on Macquarie Infrastructure Company (NYSE: MIC) today and set a price target of $60. The company’s shares closed yesterday at $37.66, close to its 52-week low of $36.20.
Zaffino said:
“In the first step in its quest to regain investor confidence, MIC delivered solid 1Q18 results. Adjusted EBITDA of $178.7M beat our/Street’s $170.6M/$170M, while FCF of $135M compared to our/Street’s $122M/$128M. Strength in Aviation and Contracted Power more than offset previously announced challenges at IMTT and higher expenses at Hawaii. Management reiterated 2018 guidance for EBITDA of $690M-$720M. In a step towards greater dividend coverage, MIC lowered 2018 growth capital spend to ~$300M, from $350M, following the refinement of investment at IMTT and a review of other capital projects. Maintain Outperform.”
According to TipRanks.com, Zaffino is a 3-star analyst with an average return of 2.0% and a 52.5% success rate. Zaffino covers the Services sector, focusing on stocks such as Servicemaster Global Holdings, Versum Materials, and Peak Resorts.
Macquarie Infrastructure Company has an analyst consensus of Hold, with a price target consensus of $50.25.
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Macquarie Infrastructure Company’s market cap is currently $3.19B and has a P/E ratio of 7.44. The company has a book value ratio of 1.0119.
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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.
