TD Newcrest Downgrades Brookfield Infrastructure Partners (BIP) to 'Hold' - Valuation Call; Q4 Review

TD Newcrest downgraded Brookfield Infrastructure Partners (NYSE: BIP) from Buy to Hold with a price target of $30.00.

Analyst, Cherilyn Radbourne, said, "BIP owns a portfolio of long-life infrastructure assets that enjoy high barriers to entry, generate stable cash flows, and require relatively minimal maintenance capital expenditures, in our opinion. The partnership’s capital project backlog totalled ~$750mm at the end of Q3/11 (not including construction work in progress) and we continue to view BIP as offering an attractive combination of yield and growth. That being said, the unit price is up ~16% since we assumed coverage in late-October 2011, and we view the implied return to our target price, which is now largely attributable to yield, as more consistent with a HOLD recommendation."

"We are looking for FFO/unit of $0.50 and AFFO/unit of $0.37. The consensus is looking for FFO/unit of $0.51 (five estimates) and AFFO/unit of $0.36 (three estimates)."

For an analyst ratings summary and ratings history on Brookfield Infrastructure Partners click here. For more ratings news on Brookfield Infrastructure Partners click here.

Shares of Brookfield Infrastructure Partners closed at $29.20 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• RBC Capital Downgrades Accelerant Holdings (ARX) to Sector Perform
• Wedbush Downgrades Globant S.A. (GLOB) to Neutral on balanced risk/reward
• Goldman Sachs Downgrades Douglas AG (DOU:GR) to Sell