RE:BMO analyst flash updateOn Thursday prior to the announcement of the new Covid variant, I would have thought a 57 dollar price target was a reasonable guess. That now seems a little rich post new-variant news.
I think we'll be lucky if ENB holds above 47 at least until there's a better understanding of this new variant. Perhaps we might even drop to 45, that wouldn't surprise me at all.
Let's not forget early 2020 when Covid first raised it's ugly head, and the floor fell out of oil, didn't take long to hit 33 bucks a share did it ?
Always remember, with Enbridge, it's a marathon on the way up, and a SPRINT on the way down. With the b!tch slap Friday from the CER, coupled with oil dropping 13 %, PLUS the discovery of a new variant, the starter's pistol just sounded, and the sprint has begun......
Can wrote:"CER Denies Mainline Contracting Proposal; Maintain Outperform Rating
Bottom Line:
CER's decision to deny ENB's Mainline contracting application was largely in line with the scenarios we highlighted in our Nov. 16 note. While the outright denial (both contract levels and tolls) likely will drag shares near-term, we believe ENB/shippers will ultimately be able to reach a settlement (albeit with a lower level of contract % and term) and that positive catalysts still outweigh negative catalysts. As such, we're maintaining our Outperform rating and $57 target."