UPDATE: Oppenheimer Holdings Reiterates Outperform Rating, Raises PT on Macquarie Infrastructure Company

In a report published Friday, Oppenheimer Holdings reiterated its Outperform rating on Macquarie Infrastructure Company

, and raised its price target from $42.00 to $48.00. Oppenheimer noted, “Fundamentals are strong and the dividend could increase twice over the next 18 months. Aviation had a robust July and August, and The Gas Company is on pace to finish 2012 at the high-end of guidance. The $2.50 dividend (6% yield) could go to $2.75 (after a successful IMTT arbitration outcome in 1H13) and at least $3 within 18 months (as Aviation refinances). Maintain Outperform and raise PT to $48, from $42.” Macquarie Infrastructure Company closed on Thursday at $41.80.