SYD - Morgans rates the stock as Upgrade to Add
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December passenger numbers showed strong international growth and Morgans expects 11% growth in net operating receipts in 2017. Over the next three years the broker expects 6% per annum compound growth in cash flows.
Rising government bond rates remain the key risk to the investment view and the broker suggests investors retain the capacity to take advantage of share price weakness that may occur if bond rates lift materially.
Morgans upgrades to Add from Hold. Target is raised to $7.14 from $7.11.
Target price is $7.14.Current Price is $6.70. Difference: $0.44 - (brackets indicate current price is over target). If SYD meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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