Transurban Group's 1H proportional revenue was broadly in line with Morgan Stanley's forecast, while proportional earnings (EBITDA) of $1,238m were slightly below the consensus estimate.

Management raised FY23 DPS guidance to 57c from 53c.

The analysts highlight other announcements including the end-of-2023 stepping down of CEO Scott Charlton and the -50% sale of equity in the A25 toll road and bridge.

The Equal-weight rating and $13.71 target is maintained. Industry view: Cautious.

Sector: Transportation.

Target price is $13.71.Current Price is $13.95. Difference: ($0.24) - (brackets indicate current price is over target). If TCL meets the Morgan Stanley target it will return approximately -2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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