Target Raised , Outperform Rating - CIBC/ BMOCIBC’s Robert Catellier raised his Pembina Pipeline Corp. (PPL-T +0.30%increase
) target to $58 from $57, exceeding the $54.92 average, with an “outperformer” rating, while BMO’s Ben Pham bumped his target to $54 from $53 with an “outperform” recommendation.
“Sanctioning of the US$4B Cedar LNG project is consistent with recent messaging (timing, capex) and bolsters PPL’s integrated wellhead to tidewater network. Increasing natural gas demand from W. Cdn. LNG export projects (Cedar LNG being the latest), supports the rising WCSB production outlook, with PPL’s assets likely to benefit through higher utilization as well as need for additional infrastructure. We maintain our Outperform rating and our target moves to $54,” said Mr. Pham