REAL-TIME GLOBAL RESEARCH
Infrastructure Weekly
Research evidence excerpt
Not for redistribution without written consent of Morgan Stanley
M
Foundation
August 11, 2026 12:58 PM GMT
North American Midstream & Renewable Energy
Infrastructure | North America
Morgan Stanley & Co. LLC
Robert S Kad
Equity Analyst
Infrastructure Weekly
Devin McDermott
Equity Analyst and Commodities Strategist
Joy Golub
Research Associate
What’s Changed
South Bow Corp (SOBO.TO)
From
To
Victoria Xiong, CFA
Price Target
C$40.00
C$44.00
Research Associate
Brookfield Infrastructure Partners L.P. (BIP.N)
Price Target
David Arcaro, CFA
$48.00
$50.00
Equity Analyst
Brookfield Infrastructure Corp (BIPC.N)
Price Target
Joe Laetsch, CFA
$48.00
$50.00
Equity Analyst
MPLX LP (MPLX.N)
Price Target
$60.00
$66.00
$38.00
$43.00
WaterBridge Infrastructure LLC (WBI.N)
Price Target
Stable fundamentals and increasing growth visibility underscore
value within both midstream and particularly renewable
infrastructure that we expect to be more fully appreciated
through continued execution.
Midstream Energy Infrastructure
North America
Industry View
Attractive
TABLE OF CONTENTS
• The Week in Review & Brief Notes
• Infrastructure Company & Industry News
• Infrastructure Sector Weekly Performance
• Infrastructure Sector Comps
Key Takeaways
WMB acquired Momentum Midstream (M6), a privately held Haynesville Shale
natural gas pipeline company owned by EnCap Flatrock Midstream, for ~$5.5bn.
• Infrastructure Sector Ratings & Price Targets
• Infrastructure Sector Estimates
• Midstream Energy Infrastructure Valuation
• Midstream Energy Infrastructure Fundamentals
RWE announced an agreement to invest $900mm to acquire an indirect 16%
stake in Woodside's Louisiana LNG project, in which WMB has an equity interest.
Michigan Supreme Court has vacated a 2023 approval of ENB's proposed Line 5
tunnel beneath the Straits of Mackinac, requiring a broader environmental
review.
Canada’s federal government is moving toward designating Alberta’s proposed
West Coast crude oil pipeline as a project of national interest.
Texas has paused portions of its data center interconnection process after Gov.
Greg Abbott ordered an audit of all data center projects in ERCOT’s queue.
…
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