MIG 0.00% 4.4¢ a.c.n. 059 457 279 limited


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    UBS Warburg said it continued to rate the toll road specialist a buy with a price target of $4.30 based on the broker's one-year forecast (June 2004) net tangible assets as reported by MIG. The broker was buoyed by the release of May traffic data. During May, Sydney Basin toll roads continued to report year- on-year growth with M1 (Eastern Distributor) traffic up 1.9 per cent despite an increase in tolls at the end of April and revenue up 16.1 per cent; M4 (Statewide Roads) traffic rose 3.8 per cent and revenue climbed 4 per cent; and M5 (Interlink Roads) traffic was up 6.5 per cent and revenue rose 7.6 per cent. "In our view, these results were strong and ahead of our forecast," UBS Warburg said. Elsewhere, Macquarie Equities has a short-term and long-term outperform rating on MIG, describing the May traffic numbers as "positive". MIG securities closed up 7¢, or 2 per cent, at $3.62, having earlier touched $3.63, its highest level in about 20 months.

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