Qantas ((QAN)) is seeking rent forgiveness from February 1 2020 until a date to be determined and an aeronautical charge payment deferral to April 10, 2020.

With the unprecedented reduction in air travel, Morgan Stanley envisages incremental pressure on Sydney Airport's liquidity and debt covenants and anticipates incremental balance sheet measures.

Equal-weight. Target is $7.47. Industry view is Cautious.

Sector: Transportation.

Target price is $7.47.Current Price is $5.41. Difference: $2.06 - (brackets indicate current price is over target). If SYD meets the Morgan Stanley target it will return approximately 28% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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