Macquarie believes April traffic statistics are somewhat misleading as a capture movements of Easter and school holidays.
The better metric is spread over the two months of March and April, where international traffic increased 6.3% and domestic 3.3%.
The broker suggests the theme of stronger-for-longer growth is positive and intact. Outperform rating and $6.85 target maintained.
Target price is $6.85.Current Price is $6.95. Difference: ($0.10) – (brackets indicate current price is over target). If SYD meets the Macquarie target it will return approximately -1% (excluding dividends, fees and charges – negative figures indicate an expected loss).