Morgan Stanley rates QUB as Equal-weight

Published: 2026-05-05 22:31:09 ET MS

Published on 05/05/2026 at 10:31 pm EDT

Morgan Stanley revisits its HALO (Heavy Asset Low Obsolescence) framework, highlighting the Australian Infrastructure and Utilities sector as relatively defensive in a high inflation and volatile energy environment.

The broker notes inflation-linked revenues support resilience for assets such as toll roads and pipelines, although higher fuel prices and interest rates pose downside risks to traffic and passenger volumes.

Energy security and fuel availability are seen as emerging considerations, with potential rationing flagged as a valuation risk.

Morgan Stanley prefers Cleanaway Waste Management in the space, while Aurizon Holdings remains least preferred.

Equal-weight rating for Qube Holdings with a target of $5.15. Industry View: In-Line.

Sector: Transportation.

Target price is $5.15.Current Price is $5.01. Difference: $0.14 - (brackets indicate current price is over target). If QUB meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).