BUZZ – RBC initiates Australia's Transurban with 'sector perform' on solid fundamentals
03 Nov 2021 13:00
- * RBC says Transurban Group's fundamentals appear solid, initiates coverage on stock at "sector perform" with a 12-month PT of A$15
- * Broker's PT is at ~10% premium to the toll operator's last close
- * Says further stake acquisition of WestConnex, a toll scheme, has increased TCL's exposure to the early phase traffic growth and toll rate escalation
- * Adds that outlook for group is "adequately captured" by market
- * RBC notes that TCL's next major growth opportunity lies offshore, particularly its North American assets
- * TCL shares are up as much as 1.2% at A$13.85, marking their highest levels since Oct 27
- * Six of 11 analysts rate the stock "buy" and 5 "hold"; their median PT is A$14.69 – Refinitiv data
- * Stock up marginally so far this year, as of last close
(20min delay)