Home : Research : Equity Research : U.S. Equity Research : U.S. Equity Research News

U.S. Equity Research News

Share |

Kirst Downgrades Inter Pipeline Fund (IPL.UN) to MARKET PERFORM from OUTPERFORM

July 15, 2010

Carl Kirst, senior analyst on our Energy & Power research team, covering the North American Pipelines sector, has today downgraded Inter Pipeline Fund (IPL.UN) to a MARKET PERFORM rating from OUTPERFORM.

From Kirst's note: "Fundamental earnings power remains solid, in our opinion, and we continue to see positive surprise bias in the upcoming quarterly earnings season. That said, even as the pipeline trusts overall have performed quite well this year-up 5.9% year to date versus the TSX decline of 1.0%-IPL has been a standout, reaching new 52-week highs, now up 15% year to date. While further relative outperformance is possible, we think it will be harder linked to future oil sands infrastructure opportunities, and that remains a highly competitive landscape. As a result, we see a more balanced risk/reward going forward."

To receive a full copy of the individual report or for more information, please contact your BMO Capital Markets representative.

<< Previous

Full List of News Items