We have just updated our recommendation on Brookfield Infrastructure Limited Partnership (BIP) in my Income Investor newsletter. We had advised readers to buy units of Brookfield Infrastructure Limited Partnership in mid-September at $18.38. The stock now trades around $23 per share -- an increase of 25%. The LP, which is a spin-off from Canadian conglomerate Brookfield Asset Management (BAM), owns holding companies in Canada, the U.S., and other jurisdictions.

Based in Bermuda, Brookfield Infrastructure Limited Partnership (BIP) is not considered to be a master limited partnership under U.S. law and is not subject to the forthcoming income trust tax in Canada. The business consists of the ownership and operation of utilities and timber assets in North and South America, Australasia, and Europe, as well as access fees for the transportation, storage and handling of energy, freight and bulk commodities.

Last December, over 100 stocks were featured in our Top Picks for 2007 report. Now, at mid-year, we turn to the 20 advisors whose picks showed the strongest gains to get an update on their previous picks, as well as a new favorite stock for the second half of the year.

Yola Edwards, editor of The Income Investor, chose Canadian grocer Sobey's as her top pick for 2007. The stock rose 42% due to a just completed going-private transaction at $58 a share.

The Coca-Cola Co. (NYSE: KO) is her new top pick; she says, "'Coke is it,' or so the company's jingle suggested -- but the share price of Coca-Cola has been in a major downtrend since July 1998. However there are technical signs that indicate the downtrend has ended and an upside breakout is just ahead.

"Investors usually turn to a defensive stock like Coca-Cola in a slowing economic environment, and with first-quarter U.S GDP growth of 0.6%, now might be the time to try some Coke.

"With nearly 400 brands in over 200 countries, Coca-Cola is the world's largest beverage company, but Coke has apparently recognized that it hasn't been 'it' for awhile and has taken steps to join the new generation by spending $4.1 billion to acquire Energy Brands Inc., known as Glaceau, a maker of vitamin-enhanced water.

"Analysts' reactions to the purchase are mixed, calling it overpriced, while others think it's a smart strategic move despite the stiff price tag. With the transaction closing in the summer, it is expected to be accretive to the company's bottom line in 2008.

"In April, Coca-Cola reported first quarter net income of $1.26 billion, or 54 cents per share, up from $1.11 billion or 47cents per share in the prior year. Technical analysis suggests that although a pullback to the 10-month moving average at $49 would offer support and an opportunity, the stock is poised to rally to about $69 over the next year."

See all 20 stocks the advisors picked for the second half of 2007.

"Since tax changes on Canadian trusts were announced last October, their valuation premiums have vanished," notes Gavin Graham, contributing editor to Gordon Pape's The Income Investor.

And while the advisor notes that takeover speculation alone is not a reason to buy oil and gas trusts, he says, "It would not be unreasonable to wonder if a number of foreign oil companies aren't running their numbers on some of the large Canadian trusts."

One favorite, which he calls a "blue-ribbon energy trust" is Penn West Energy Trust (NYSE: PWE) -- one of the largest oil and gas trusts listed on the Toronto and New York stock exchanges. The firm is involved in gas, light crude, heavy crude, and oil sands operations in north-eastern British Columbia, Alberta, and south-western Saskatchewan.

He notes, "Penn West converted from a corporate structure 18 months ago and therefore has a long track record of proven delivery. It is run by Murray Edwards, one of the most successful Calgary-based oil entrepreneurs. Overall, we believe Penn West offers a good combination of current income and growth potential."