SYD – Morgans rates the stock as Add

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The partnership announced by Qantas ((QAN)) with American Airlines bodes well for Sydney Airport, in Morgans’ view. Seat capacity between Sydney and the US is expected to increase by 301,000 per year.

The broker forecasts international passenger growth across 2015-17 of 3-4%. An Add rating and $5.82 target are maintained.

Sector: Transportation.

Target price is $5.82.Current Price is $5.24. Difference: $0.58 – (brackets indicate current price is over target). If SYD meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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