MQA – Morgans rates the stock as Add

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Favourable economic conditions for APRR in the March quarter signals to Morgans 2018 should deliver solid earnings growth. The decline in traffic on Dulles Greenway was not a surprise to the broker.

Morgans revises asset forecasts, which reduces valuation by 10c a share. This is countered by updated FX assumptions.

Add rating. Target rises to $6.90 from $6.81.

Sector: Transportation.

Target price is $6.90.Current Price is $6.02. Difference: $0.88 – (brackets indicate current price is over target). If MQA meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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