Re: UPGRADE/RJ worth Repeating IMO 09:40 AM EST, 01/06/2023 (MT Newswires) -- TC Energy Corp. (TRP.TO, TRP) was upgraded to Outperform from Market Perform at Raymond James on Friday.
Analyst Michael Shaw maintained a price target of $63 on shares of the Calgary-based energy company.
"The challenges in 2022 have overshadowed the strong long-term prospects for TC Energy," Shaw said in a note to clients. "TRP continues to have a best-in-class asset base and leading secured capital outlook that will drive EBITDA, earnings, and dividend growth while it right sizing the balance sheet."
The analyst said TC is expected to achieve its 6% EBITDA CAGR target and increase its dividend by 3% to 5% annually.
"We recommend investors take advantage of the move lower in the equity," Shaw said.
(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: 53.54, Change: +1.21, Percent Change: +2.31