After Australian infrastructure manager IFM purchased a 15% interest in Atlas Arteria, Morgans raises its target price to $8.10 (to match the on-market purchases) from $6.41. It’s thought Atlas Arteria will receive a takeover bid.
The broker retains its Hold rating and notes the potential for a takeover price to exceed the current share price.
Separately, the analyst raises its stand-alone valuation for the company to $6.47/share from $6.41.
Sector: Transportation.
Target price is $8.10.Current Price is $8.15. Difference: ($0.05) – (brackets indicate current price is over target). If ALX meets the Morgans target it will return approximately -1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
