0949 ET - Raymond James remains bullish on TC Energy, arguing the cost overruns to the company's Coastal GasLink pipeline project aren't as extreme as the market is pricing in. Since warning of cost pressures in late November, the question has been the magnitude of the overrun, which TC Energy has now answered with an updated C$14.5B budget, up C3.3B. But Raymond James notes C$12B has been cut from TC Energy's equity value since November, which it says suggests the fall in the shares is overdone and results in a valuation hard to justify. Or ignore. It has a C$62 target on the shares, which are up 1.1% at C$54.75. (robb.stewart@wsj.com; @RobbMStewart)
(END) Dow Jones Newswires
February 02, 2023 09:49 ET (14:49 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
Cheers.