The Financial Post reports in its Wednesday, Sept. 28, edition that Bay Street is likely underestimating the earnings potential of the combined Enbridge ($56.82) and Spectra Energy pipeline giant, at least according to one analyst. The Post's Geoffrey Morgan writes in the Trading Desk column that CIBC World Markets analyst Robert Catellier said in a Tuesday research note the proxy statement for the $37-billion deal indicates there is more upside than analysts expect. He targets Enbridge shares at $71. He also ranks the company "sector outperformer." Mr. Catellier noted that prospective financial information in the prospectus shows 2018 cash flow projections are 18 per cent higher than what analysts currently expect so "it appears to us that there is a healthy discount between estimates and company projections." The Post reported on April 8 that Portfolio Management director Norman Levine was keen on Enbridge. At the time he said a market tumble had dragged Enbridge down with it, creating a buying opportunity. Enbridge shares could then be had for $49.54.