CIBC Raises TP & Comments * CIBC’s Robert Catellier raised his target for Pembina Pipeline Corp. (
) to $53 from $52 with a “neutral” recommendation, while Scotia Capital’s Robert Hope bumped his target to $51 from $50 with a “sector outperform” rating. The average is $52.19.
“We have a favourable view of Pembina’s Q4/22 results as well as the sanctioning of a new $460-million Redwater frac (RFS IV),” said Mr. Hope. “Our longer-term estimates do not materially move. Pembina continues to be one of our favourite names, and in our view, is well positioned to benefit from continued volume growth in western Canada.”