Transurban Group's 1H proportional earnings (EBITDA) were in line with the consensus forecast, while traffic and revenue results were broadly in line with Morgan Stanley,s estimates.

The committed capex pipeline appears broadly unchanged to the analyst. Management anticipates cost growth of 4-6% compared to the previous expectation for 6%.

Target $14.28. Equal Weight. Industry View: Cautious.

Sector: Transportation.

Target price is $14.28.Current Price is $13.19. Difference: $1.09 - (brackets indicate current price is over target). If TCL meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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