SYD - Ord Minnett rates as Buy
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Ord Minnett considers Sydney Airport offers exposure to an attractive asset class with high barriers to entry and an end market that has demonstrated resilient growth. The broker initiates coverage with a Buy rating and $8.45 target.
The broker estimates international passenger growth of 7.1% in 2017, 6.7% in 2018 and 6.4% in 2019. This remains a key contributor to the company's annual growth rate estimate of 10.7% for the three years to 2019.
Target price is $8.45.Current Price is $6.86. Difference: $1.59 - (brackets indicate current price is over target). If SYD meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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