UPDATE: Stifel Upgrades Tortoise Energy Following Solid Quarterly Report

In a report published Wednesday, Stifel analyst Selman Akyol upgraded the rating on

from Hold to Buy, and named a $47.00 price target. In the report, Stifel noted, “Tortoise Energy Infrastructure Corp (TYG) filed its quarterly report for the period ending May 31, 2013 reporting total distributable cash flow (DCF) of $18.1 million versus $16.4 million in the prior year. The distribution coverage ratio totaled 1.11x the current payout of $0.57 per share. An updated NAV of $42.21 was provided as of August 26, 2013. The fund traded at approximately 5.5% above its NAV as of the close on August 27th. We estimate current NAV approximates $41.82 and an adjusted NAV, which gives effect for the tax deferred liability, of approximately $47.18. Hence, we believe shares trade at 94.4% to our Adjusted NAV.” Tortoise Energy Infrastructure Corp. closed on Tuesday at $44.54.