SYD – Morgans rates the stock as Upgrade to Add

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Two factors underpin Morgans’ decision to upgrade to Add from Hold. First comes the share price slump. Then follows the assumption Sydney Airport will not participate in the development of a second airport at Badgerys Creek, at least not under the conditions proposed.

Morgans acknowledges the long term uncertainty about precise impact from a second airport in Sydney, but for now, growth and yield seem too attractive to ignore. Target remains unchanged at $7.04.

Sector: Transportation.

Target price is $7.04.Current Price is $5.85. Difference: $1.19 – (brackets indicate current price is over target). If SYD meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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