New Rating!!!!! GLTALongs 11:52 AM EDT, 05/15/2023 (MT Newswires) -- Credit Suisse on Monday maintained its neutral rating on the shares of Enbridge (ENB.TO, ENB) while raising its price target on the company to C$58.00 from C$53.00 following the energy-infrastructure company's first-quarter results, new tolling structure for its Mainline pipeline system and other items.
"Following Enbridge Inc.'s (ENB) recent flurry of activity around the Q1 2023 results print, Annual General Meeting, acquisition announcement (Aitken Creek) and, very critically, a positive resolution on the Mainline tolling agreement, we revisited ENB positioning, financials and valuation - all with a positive bias. In our view, the most recent evolution of the Mainline's regulatory construct helps underpin significant downside support with some upside potential that translates into a higher quality cash flow stream that is now reflected in an expanded multiple. To us, that downside support shifts the focus onto ENB's ability to engage in various degrees of incrementalism largely by way of platform extensions from the core asset base with generally favourable risk-adjusted returns," analyst Andrew Kuske noted.
(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: 51.95, Change: -0.17, Percent Change: -0.32