The Globe and Mail reports in its Tuesday, Sept. 26, edition that Raymond James analyst Frederic Bastien has elevated his recommendation for Brookfield Infrastructure Partners to "strong buy" from "outperform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Bastien continues to target the units at $45 (all figures U.S.). Analysts on average target the units at $42.33. Mr. Bastien says in a note: "Interest rate headwinds notwithstanding, we view the units' valuation as unreasonably cheap. They are trading at a forward P/FFO multiple of 9.8 times, which is well off the average of 12.5 times they have maintained over the past five years. The last few times Brookfield Infrastructure traded in the single-digit P/FFO range was at the height of COVID pessimism and during the late 2018 year-end tailspin that was fomented by fears of recession in the United States. Our target yield of roughly 3.75 per cent aligns with our belief the infrastructure giant's diversified, stable and growing cash flows will support a valuation at the low end of the units' historical trading range. Our $45 valuation also equates to 13.5 times our 2024 FFO forecast, a modest premium to BIP's five-year average."