Wells Fargo analyst Jonathan Reeder downgraded Macquarie Infrastructure to Market Perform from Outperform and cut his price target for the shares to $45 from $80. The stock closed yesterday down 41%, or $26.21, to $37.41. The analyst says he struggles to come up with a near- or even intermediate-term catalyst that would cause investors to buy into the" revamped story." New CEO Christopher Frost finds himself in a "show me" situation as investors are likely to adopt a wait-and- see approach, Reeder tells investors in a research note after the company cut its dividend. The analyst believes, however, that Macquarie Infrastructure shares could still be worth $55-$60 if management can execute on the newly laid out strategy.