TC Energy Maintains "Outperform Rating," $58 Target Price From National Bank of Canada on "Solid" Q1 Results
09:16 AM EDT, 05/03/2024 (MT Newswires) -- TC Energy (TRP.TO) maintained its outperform rating and $58 target price after the company reported first-quarter results that slightly beat analyst expectations, National Bank of Canada said in a Friday note.
TC Energy booked an adjusted EBITDA of $3.09 billion, beating the bank's forecast of $2.99 billion and the Street estimate of $2,94 billion.
The company's comparable EPS of $1.24 was above National Bank's projection of $1.13.
TC Energy reaffirmed its 2024 guidance, including adjusted EBITDA target range of $11.2 billion to $11.5 billion.
National Bank said it expects minimal change to its estimates and valuation for TC Energy following the "solid start" to 2024 and its intact full year guidance.
TC Energy's share price was up 2.9% to about US$37 at last look in U.S. pre-market trading after it gained 1.3% to nearly $50 in Canada yesterday.