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Investing.com - RBC Capital has upgraded Dalrymple Bay Infrastructure (ASX:DBI) from Sector Perform to Outperform while maintaining its price target of AUD4.70.
The upgrade follows Brookfield’s sale of its remaining 26.3% stake in the company through a block trade valued at approximately AUD527 million, with shares priced at AUD4.05 each.
RBC Capital views the current trading level as a buying opportunity, citing DBI’s solid operating position with a forecasted funds from operations (FFO) three-year compound annual growth rate of 10%.
The firm also highlighted DBI’s supportive dividend yield of approximately 6%, focused growth mandate, increased liquidity, and potential S&P-200 inclusion as additional factors supporting the upgrade.
RBC Capital’s unchanged price target of AUD4.70 implies a total return of approximately 21%, including the 6% dividend yield.
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