UPDATE: Citigroup Initiates Brookfield Infrastructure Partners with Neutral, $34 PT; Valuation Full
Citigroup initiates its coverage on Brookfield Infrastructure Partners (NYSE: BIP) with a Neutral rating and a price target of $34.
Citigroup says, "Shares appear fully valued at current levels (based on our implied target yield estimate) despite a generally risk-averse (80% of cash flow from regulated businesses or long-term contracts) and diversified business model (across industries & geographic locations)."
BIP closed at $33.52 on Wednesday.
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