UPDATE: Stifel Downgrades Tortoise Energy Infrastructure as Shares are In-Line with Adjusted NAV

In a report published Friday, Stifel analyst Selman Akyol downgraded the rating on

from Buy to Hold, and removed the $47.00 price target. In the report, Stifel noted, “Tortoise Energy Infrastructure Corp (TYG) filed its quarterly report for the period ended August 31, 2013, reporting total distributable cash flow (DCF) of $18.1 million versus $17.3 million in the prior year. The distribution coverage ratio totaled 1.11x the current payout of $0.5725 per share. An updated NAV of $43.53 was provided as of November 15, 2013. The fund traded at approximately 11.7% above its NAV as of close on November 21. We estimate current NAV approximates $42.67 and an adjusted NAV, which gives effect for the tax deferred liability, of approximately $48.20. Hence, we believe shares trade approximately at par to our adjusted NAV.” Tortoise Energy Infrastructure closed on Thursday at $48.61.