TC Energy Reiterated at Market Perform at BMO Following Q3 Results; Price Target Kept at C$55.00
12:00 PM EST, 11/09/2023 (MT Newswires) -- BMO Capital Markets on Thursday maintained its market-perform rating on the shares of TC Energy (TRP.TO, TRP) and its C$55.00 price target after the pipeline and power company reported third-quarter results.
"The Q3/23 earnings report confirmed our recent views that 2023 results could exceed expectations (tracking to upper end of 5-7% EBITDA growth) and that Coastal GasLink is going well (achieved mechanical completion ahead of schedule). This should support the recent improvement in sentiment, with further upside likely predicated on success in incremental asset sale execution/debt reduction and the perceived market value of the proposed liquids separation 2H/24E -- outcomes which are still not as visible. With balanced risk/reward, we're maintaining our Market Perform rating and $55 target," analyst Ben Pham wrote
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
Price: 49.70, Change: -0.14, Percent Change: -0.28