UPDATE: Stifel Reiterates Buy Rating, Raises PT on Tortoise Energy Infrastructure Corp. as Merger is Complete

In a report published Wednesday, Stifel analyst Selman Akyol reiterated a Buy rating on Tortoise Energy Infrastructure Corp. TYG, and raised the price target from $49.00 to $55.00. In the report, Stifel noted, “Tortoise Energy Infrastructure Corp (TYG) filed its quarterly report for the period ending August 31, 2014 reporting total distributable cash flow (DCF) of $30.9 million, which includes TYY and TYN. The fund declared a $0.61 dividend per share that produced a distribution coverage ratio of 1.05x. We note this was a 5.2% increase over 2Q14's dividend due to the completion of the fund merger. An updated NAV of $51.66 was provided as of November 7, 2014. We estimate current NAV approximates $50.75 as of the close on November 11, 2014. Our estimated Adjusted NAV is $57.53.” Tortoise Energy Infrastructure Corp. closed on Tuesday at $47.15.