We continue to view Kingsford Smith Airport as a high quality infrastructure play, leveraging passenger growth through its aeronautical infrastructure into higher returning commercial activities. Traffic growth has been strong, running well above historical trend rates. We have upgraded our traffic forecasts to reflect this recent growth, but have reduced CPI for 2016 and 2017 reflecting the low inflation environment. Like Transurban, SYD's share price is reflective of scarcity value, given the limited supply of high quality ASX-listed defensive growth alternatives, particularly given the backdrop of uncertain economic conditions and declining interest rates. We have upgraded our share price target. Our target price does not require expansion in valuation multiples to be achieved. For more detail visit the Morgans Blog: (VIEW LINK)