|Over a week ago|
Fly Intel: Top five analyst initiations » 10:1106/1806/18/20
WSM, INVH, BIP, NLTX, RBB
Catch up on today's…
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Williams-Sonoma (WSM) initiated with an Equal Weight at Wells Fargo. 2. Invitation Homes (INVH) initiated with a Buy at Janney Montgomery Scott. 3. Brookfield Infrastructure (BIP) resumed with a Neutral at Citi. 4. Neoleukin Therapeutics (NLTX) initiated with a Buy at Mizuho. 5. RBB Bancorp (RBB) assumed with a Neutral at Piper Sandler. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
Brookfield Infrastructure resumed with a Neutral at Citi » 06:0706/1806/18/20
Citi analyst Ryan Levine…
Citi analyst Ryan Levine resumed coverage of Brookfield Infrastructure Partners with a Neutral rating and price target of $41, up from $36.57. The company did not do enough due diligence to acquire large businesses in the initial market selloff but stands ready for any second wave in summer or fall 2020, Levine tells investors in a research note.
|Over a month ago|
Digital Realty announces Ascenty to build two new facilities in Mexico » 06:3606/0306/03/20
Digital Realty (DLR) and…
Digital Realty (DLR) and Ascenty, a Digital Realty and Brookfield Infrastructure (BIP) joint venture company, announced Ascenty has reached agreement to build two new facilities in the state of Queretaro, Mexico anchored by long-term, U.S. dollar-denominated, multi-megawatt agreements to support the growth of a global cloud provider. Both initial phases are scheduled for delivery in 2021, and the two new facilities combined are expected to deliver up to 36 megawatts of total IT capacity upon full buildout. The new data centers will be interconnected via an underground dark fiber-optic network, providing access to networks, cloud and connectivity providers in a single environment.
Brookfield Infrastructure initiated with a Buy at BofA » 06:2005/2705/27/20
BofA analyst Asit Sen…
BofA analyst Asit Sen initiated coverage of Brookfield Infrastructure (BIPC) with a Buy rating and $53 price target. Brookfield's relatively small float, the attractiveness of a C-Corp structure and retail demand has resulted in shares trading at a premium to Brookfield Infrastructure Partners (BIP) units over the past few weeks, Sen tells investors in a research note. The analyst believes Brookfield Infrastructure is well positioned to capitalize on potential accretive investment opportunities.
Brookfield Infrastructure assumed with an Outperform at Raymond James » 09:3305/1205/12/20
Raymond James assumed…
Raymond James assumed Frederic Bastien initiated coverage of Brookfield Infrastructure with an Outperform rating and $50 price target.
Brookfield Infrastructure reports Q1 EPS 13c, consensus 19c » 09:4105/0805/08/20
Reports Q1 revenue $384M,…
Reports Q1 revenue $384M, versus $403M in 1Q19 Reports Q1 FFO 86c, consensus 82c. "The first quarter of 2020 brought about extraordinary challenges on a global scale. Our results were solid as every operating business we own was deemed an essential service and has continued operating throughout this period," said Sam Pollock, Chief Executive Officer of Brookfield Infrastructure Partners. "As the economic recovery unfolds over the coming quarters, we remain confident that our highly-diversified business is well-positioned both financially and operationally. This will give us the opportunity to take advantage of market conditions to acquire high-quality assets for deep value, as we have in the past during periods of dislocation."
Brookfield Infrastructure initiated with an Overweight at Wells Fargo » 06:2904/2004/20/20
Wells Fargo analyst…
Wells Fargo analyst Jonathan Reeder initiated coverage of Brookfield Infrastructure (BIPC) with an Overweight rating and $47 price target. In a research note to investors, Reeder says Brookfield Infrastructure shares are designed to be economically equivalent to Brookfield Infrastructure Partners (BIP) units, but wrapped in a c-corp. structure for investors. The analyst says he remains attracted to Brookfield Infrastructure's long-term, double-digit total return profiles driven by a mix of organic and M&A growth opportunities, supported by considerable financial flexibility and led by savvy management teams that have shown a consistent ability to execute and be good stewards of investor capital.
Brookfield Infrastructure price target lowered to $45 from $54 at BMO Capital » 07:1804/0804/08/20
BMO Capital analyst Devin…
BMO Capital analyst Devin Dodge lowered the firm's price target on Brookfield Infrastructure to $45 from $54 but keeps an Outperform rating on the shares. Given the expected sharp decline in economic growth, the analyst sees the REIT's FFO coming under some pressure from lower volumes as well as the strengthening USD. Dodge adds however that given its strong liquidity and good access to capital, he sees Brookfield Infrastructure as well positioned to benefit from new investment opportunities that may arise.
|Over a quarter ago|
Brookfield Infrastructure completes unit split, creation of BIPC » 07:3003/3103/31/20
Brookfield Infrastructure Partners and Brookfield Infrastructure Corporation jointly announced that Brookfield Infrastructure has completed the previously announced creation of BIPC. From an economic and accounting perspective, the transaction was analogous to a unit split as the transaction did not result in any underlying change to aggregate cash flows or net asset value except for the adjustment for the number of units/shares outstanding. Each unitholder of record on March 20, 2020 received one class A exchangeable subordinate voting share of BIPC for every nine BIP units held, or approximately 0.11 Shares for each BIP unit. BIP unitholders now own approximately 32,800,000 Shares, or 70.4% of BIPC's issued and outstanding Shares, with Brookfield Asset Management Inc. and its affiliates holding 29.6% of the remaining Shares. The Shares have commenced regular-way trading on the Toronto Stock Exchange and the New York Stock Exchange under the symbol "BIPC". For beneficial unitholders who hold their BIP units in an account with a broker or other intermediary, their account will be automatically updated to reflect the receipt of the Shares. BIP unitholders will receive a cash payment in lieu of any fractional interests in the Shares. Brookfield Infrastructure will use the volume-weighted average trading price of the Shares for the five trading days immediately following the special distribution to determine the value of the Shares for the purpose of calculating the cash payable in lieu of any fractional interests. As contemplated in BIPC's final prospectuses filed with the U.S. Securities and Exchange Commission and the Ontario Securities Commission and dated March 12, 2020, BIPC's board of directors is comprised of the following eight members: Anne Schaumburg, Jeffrey Blidner, William J. Cox, John Fees, Roslyn Kelly, Daniel Muniz Quintanilla, Derek Pannell and Rajeev Vasudeva. In connection with the completion of the special distribution, John Fees stepped down from the board of directors of BIP's general partner so that he could serve on the board of directors of BIPC as its initial non-overlapping director to assist BIPC with, among other things, resolving any conflicts of interest that may arise from BIPC's relationship with Brookfield Infrastructure.
Brookfield Infrastructure announces automatic purchase plan » 07:2503/3103/31/20
Brookfield Infrastructure Partners announced that, in connection with its previously announced normal course issuer bid, it has entered into an automatic purchase plan with its designated broker. The automatic purchase plan, which has been pre-cleared by the Toronto Stock Exchange, will allow for the purchase of Brookfield Infrastructure's outstanding limited partnership units, subject to certain trading parameters, at times when Brookfield Infrastructure ordinarily would not be active in the market due to its own internal trading black-out periods, insider trading rules or otherwise. Outside of these periods, LP Units will be repurchased in accordance with management's discretion and in compliance with applicable law. The actual number of LP Units purchased under the automatic plan, the timing of such purchases and the price at which LP Units are purchased will depend upon future market conditions.