As part of Qube Holdings' investor day last week, Morgan Stanley visited Port Botany (Patrick), Moorebank Logistics Park (Imex and Interstate terminals) and Port Kembla (AAT and Quattro Agri Terminal).

Overall, the broker came away incrementally positive on its investment thesis for the company. It's felt diverse operations create numerous synergies. For example the Qauttro grain terminal has AAT as the landlord and Qube operates the ports.

The Equal-weight rating and $3.48 target are maintained. Industry view: Cautious.

Sector: Transportation.

Target price is $3.48.Current Price is $3.51. Difference: ($0.03) - (brackets indicate current price is over target). If QUB meets the Morgan Stanley target it will return approximately -1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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