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UBS names Macquarie Atlas Roads Limited a buy

Global toll road developer and operator Macquarie Atlas Roads Limited (ASX: MQA) was on the S&P/ASX 200 gains list on April 10, with its share price up 3.2% to land at its $6.10 closing price.

UBS has upgraded its rating on Macquarie Atlas to a buy, seeing the company’s agreed terms for internalising management (which come into play in May 2019) as a positive step with the potential to log $8 million in annual cost savings.

The UBS broker said Macquarie Atlas management changes will improve investor sentiment as governance concerns and future performance fee costs are reduced allowing cash flow to improve.

UBS raised its share price target on the stock from $6.65 to $7.10.

Macquarie Atlas looks well-placed to cash in on favourable infrastructure industry conditions, alongside urban toll road player Transurban Group (ASX: TCL) – which has also been on the S&P/ASX 200 gains list this week after Ord Minnett last week labelled it a buy off the back of its $843 million investment in the A25 toll road in Montreal, Canada.

Logistics cousin Qube Holdings (ASX: QUB) has also made gains this week, with its share price up 0.9% on April 10 to land at $2.25.

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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Transurban Group. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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