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SYD - Morgans rates as Hold
BY BROKER NEWS - 23/07/2018 | VIEW MORE BROKER UPDATES

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SYD - SYDNEY AIRPORT


International passenger growth is running at above long-term trend rates in the first half, up 5.2%. Domestic passenger growth is 2.1%. Morgans forecasts an 8% increase in revenue for the first half that should generate around a 9% increase in operating earnings.

Given the company is considering whether to institute a distribution "glide path" into the initial taxpaying years early next decade, the broker does not expect an upgrade to guidance at 37.5c.

While the broker considers the stock has defensive attributes and a strong balance sheet there is insufficient upside to justify a more aggressive stance. Morgans maintains a Hold rating and raises the target to $7.30 from $7.12.

Sector: Transportation.

Target price is $7.30.Current Price is $7.18. Difference: $0.12 - (brackets indicate current price is over target). If SYD meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).



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The content of this information does in no way reflect the opinions of FN Arena, or of its journalists. In fact we don't have any opinion about the stock market, its value, future direction or individual shares. FN Arena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface. This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FN Arena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.

 

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