FTAI Infrastructure initiated with an Outperform at JMP Securities

JMP Securities initiated coverage of FTAI Infrastructure with an Outperform rating and $11 price target. Given the nature of FTAI’s infrastructure assets, it has taken some time for several of the underlying assets across the portfolio to mature and reach optimized levels of activity, representing a headwind to earnings over the last couple years, the analyst tells investors in a research note. However, the firm believes the portfolio is at an inflection point. It expects several underlying assets to become more mature throughout 2024 and into 2025, which should be positive for the trajectory of earnings, the composition of the balance sheet, and ultimately the stock’s valuation.