BMO sector update Bottom Line:
We are introducing our 2022 estimates for our Canadian energy infrastructure coverage,
resulting in a ~4% increase in target prices (range of 0-25%; no rating changes). We
continue to recommend power and utility over midstream and pipeline given our
focus on safe havens, resiliency to COVID-19, and visible growth. We are reiterating our
Top-Five Best Ideas (EMA, FTS, ALA, ENB, and NPI all rated Outperform), have made
estimate changes for IPL (rated Market Perform), and are maintaining our Outperform
ratings on GEI and PPL within pipelines and midstream and BLX, H, ACO.X, and INE
within utility and power.