UPDATE: BMO Capital Markets Upgrades Brookfield Infrastructure to Outperform on Strong Q3 Results
BMO Capital Markets raised its rating on Brookfield Infrastructure (NYSE: BIP) and increased its price target from $37 to $39.
BMO Capital Markets noted, "Q3/12 results were stronger than expected driven by better-than-expected performance in the Utilities segment as a result of higher connections revenue and a higher return on rate base. … The near-term outlook remains cautious on the merchant assets (15% non-contracted) given the macro-uncertainty, but 2013 should still see a significant improvement in EBITDA and FFO/unit driven by a number of recently announced strategic transactions and past investments at Brookfield rail even after funding the equity investments through the partial sale of Timber assets."
Brookfield Infrastructure closed at $33.70 on Wednesday.
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