TSX:PPL - Post Discussion
Post by
ace1mccoy on Nov 06, 2023 8:23am
National Bank/ Stifel TP Raises- G&M
National Bank’s Patrick Kenny raised his Pembina Pipeline Corp. (PPL-T +0.78%increase
) target to $45 from $44 with a “sector perform” rating, while Stifel’s Cole Pereira raised his target to $53 from $51 with a “buy” rating. The average is $50.54.
“PPL reported a beat-and-raise 3Q23, with its 2023E adjusted EBITDA guidance moving 4 per cent higher on the back of increased contributions from its Pipeline segment and a strengthening marketing outlook,” said Mr. Pereira. “On its earnings call the company telegraphed that any potential pursuit of TMX would not occur until 2025 or later, which we expect should be a positive catalyst for its shares as we believe this had previously been an overhang. Our PPL estimates rise modestly, which sees our target price increase ... We continue to rate PPL a Buy and view this quarter as a good reminder of the ability for the company’s core Montney and Duvernay infrastructure network to organically compound growth in the current environment.”
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