Morgan Stanley views Atlas Arteria's 4Q2025 update, including traffic metrics, as largely meeting expectations. APRR was flat y/y, with the analyst seeing robust French employment and a recovery in French and Spanish trade in 2H2025.

Chicago Skyway traffic over the quarter rose 2% y/y and was in line with 2019, with Dulles Greenway up 5% y/y but down -12% on 2019, which the broker views as the impacts of the US government shutdown.

Equal-weight retained with an unchanged target of $5.09. Industry View: In-Line.

Sector: Transportation.

Target price is $5.09.Current Price is $4.97. Difference: $0.12 - (brackets indicate current price is over target). If ALX meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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