Transurban downgraded to Neutral from Buy at Citi

Citi downgraded Transurban (TRAUF) to Neutral from Buy with a price target of A$13.80, down from A$14.20. The firm believes risks are rising and additionally has concerns related to medium term inorganic growth given Transurban’s “stronghold in Australia and recent issues related to this” as well as a competitive market in the U.S., where other global infrastructure players are also looking to acquire assets.