Brookfield Infrastructure Partners arrives at its Q2 earnings print on July 31 with options markets still tilted decisively toward the upside, even as the stock gave back a fraction of its recent gains in the final session before the report.
The call-side bias remains the defining feature of the pre-earnings setup. The put/call ratio edged up to 0.28 on July 30 — still nearly two standard deviations below its 20-day average of 0.37 — keeping BIP among the most call-heavy setups in the market. That reading has drifted slightly higher from the 0.28–0.30 range of the past two sessions, a modest softening from the extreme bullishness documented earlier in the week, but the directional lean is unchanged. The stock itself pulled back 0.5% on July 30 to close at $42.39, trimming what had been a 16% one-month gain — a run that carried the stock well past the $40.88 level noted in the prior preview.
Short interest has ticked higher in recent days after a sharp collapse earlier in the month. From a low around 678,000 shares shorted in mid-July, estimated short interest climbed roughly 53% over the past week to approximately 1.04 million shares — though at just 0.23% of the free float, this remains a negligible level. The borrow market confirms the absence of any genuine short-side conviction: availability is essentially uncapped, and borrowing costs have fallen to 0.38% annually, down sharply from above 1% in early July. The uptick in shorts looks more like routine positioning noise than a structural challenge to the bullish thesis.
Analysts who cover BIP have been incrementally constructive in recent months. Morgan Stanley lifted its target to $46 in May while maintaining Overweight, and CIBC nudged its target to $45 around the same time. RBC Capital raised its target to $41 earlier in the year. The consensus remains clearly positive, with targets clustering in the $41–$46 range — broadly consistent with where the stock now trades. Bulls point to BIP's diversified global asset base spanning transport, utilities, midstream, and data infrastructure, with management having raised full-year guidance after the most recent quarter. The dividend score ranks in the 93rd percentile, reinforcing the yield appeal that draws income-oriented capital. Bears, such as they are, would note that the valuation has expanded meaningfully into the run: the P/E has risen roughly 7.6 points over the past month to 37.3x, and EV/EBITDA sits near 23.4x — multiples that leave limited room for execution disappointment.
The Q2 print will test whether BIP's operational momentum — particularly in its data infrastructure and toll road segments — is strong enough to justify a valuation that has re-rated materially higher even as European infrastructure peers pulled back sharply on the week.
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