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Macquarie Infrastructure (MIC) is an infrastructure company that we have followed and written about recently. Currently it yields 9.8%. We last recommended the stock at $37.35, near five year lows. Specifically we concluded that MIC should be able to sustain and grow its free cash flow as we look beyond 2020. Once we see the self-sustaining model where MIC has to spend only the maintenance capex to actually maintain cash flows, MIC should get a good re-rating in our opinion. Our target price is $50/share which