Brookfield Infrastructure Partners initiated with an Equal Weight at Morgan Stanley

Morgan Stanley initiated coverage of Brookfield Infrastructure (BIPC) Partners (BIP) with an Equal Weight rating and $39 price target. The firm, which is initiating coverage of the two Brookfield-backed infrastructure partnerships, notes that both partnerships aim to growth FFO per unit at 10% and distributions at 5%-9% per annum, with a total return objective of 12%-15%. Brookfield Corp. (BN) owns 26% of Brookfield Infrastructure and 46% of Brookfield Renewable (BEPC) (BEP) and Brookfield’s ownership and support of these publicly listed vehicles enable them both to invest with brand and scale, the analyst tells investors.