The Globe and Mail reports in its Wednesday, Nov. 7, edition that Wells Fargo analyst Praneeth Satish, believing headwinds facing Enbridge ($43.43) are "dissipating," upgraded his rating to "outperform" from "market perform." The Globe's David Leeder writes in the Eye On Equities column that
Mr. Satish boosted his share target to $55 from $54. Analysts on average target the shares at $54.19. Mr. Satish says Enbridge's asset sales have put to rest concerns over financing. Mr. Satish sees Enbridge able to "self-fund growth capex spending (equity portion) into the foreseeable future."
Mr. Satish says, "Recent underperformance has resulted in Enbridge trading in-line with C-Corp peers" and has led to "a compelling entry point as Enbridge has historically traded at a premium to United States midstream C-Corp peers." The Globe's John Heinzl recommended buying Enbridge in the Yield Hog column on July 18. It was then worth $45.49. The Globe reported on Sept 25 that Citigroup analyst Mirek Zak began coverage on Enbridge with a "neutral" rating and $47 share target. The shares could then be had for $42.91. The Globe reported on Oct. 5 that UBS analyst Shneur Gershun rated Enbridge "buy." It was then worth $43.83.
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