iA Capital Comments..G&M * Pembina Pipeline Corp. (
)
with a $43 target, rising from $42 and above the $40.94 average.
“Heading into Q2 earnings, we are projecting EBITDA of $858-million (Pipelines $529-million, Facilities $277-million, Marketing $90-million, and G&A negative $38-million), which is at the high end of consensus,” he said. “We are still forecasting contributions from assets to be placed into service during 2021 including its Watson Island Propane export terminal, which will offset some declines in other assets such as the Ruby Pipeline. Our 2021 EBITDA estimate remains unchanged at $3.36-billion (Pipelines $2.1-billion, Facilities $1.1-billion, Marketing $0.3-billion, G&A negative $0.17-billion). We still believe there is the possibility that PPL’s marketing segment could outperform and prompt an upward revision in its EBITDA guidance range of $3.2-3.4-billion. Heading into earnings, we are upgrading our target ... and increasing our rating.”