| 10:52 AM EST, 11/07/2022 (MT Newswires) -- RBC Capital Markets said over the weekend that it positively views Enbridge Inc. (ENB.TO)'s stronger-than-expected results in the third quarter. RBC also noted the company's expectations to hit the upper half of its EBITDA guidance range of $15.0 billion to $15.6 billion and discounted cash flow guidance of $5.20 to $5.50 per share. RBC said Enbridge's decision to hold off the filing of a cost-of-service application with the Canada Energy Regulator (CER) given the progress that it is making with shippers on negotiating an incentive tolling framework. "We view the decision to hold off filing with the CER as a positive sign that negotiations are heading in the right direction," RBC said. Enbridge also announced it would proceed with an up to $3.6 billion expansion of its T-South gas pipeline in British Columbia while pursuing an open season for an expansion of the T-North pipeline that could cost up to $1.9 billion. RBC gave Enbridge an outperform rating with a $65.00 price target. Meanwhile, National Bank of Canada raised Enbridge's price target to $54.00 from $53.00 and moved its rating to sector perform from outperform. Enbridge's adjusted EBITDA of $3.76 billion beat the bank's estimate of $3.69 billion and street forecast of $3.62 billion. |