UPDATE: Citigroup Reiterates Neutral Rating, Raises PT on Brookfield Infrastructure Partners LP on Matrix Valuation Approach - Brookfield Infr Partners (NYSE:BIP)

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In a report published Monday, Citigroup analyst Faisel Khan reiterated a Neutral rating on

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Brookfield Infrastructure Partners LP

(NYSE: BIP), and raised the price target from $36.00 to $39.00.In the report, Citigroup noted, “We maintain our Neutral rating and are increasing our target price to $39 per share based on our matrix valuation approach. We estimate BIP can grow its distribution comfortably by 10% per annum through 2015. Under this scenario, BIP will still generate over $100mm in free cash flow to reinvest in the business and reach a payout ratio of ~65% in 2015. The units appear modestly undervalued at current levels.”Brookfield Infrastructure Partners LP closed on Friday at $35.67.