The Globe and Mail reports in its Thursday, Dec. 21, edition that National Bank analyst Patrick Kenny has reaffirmed his "sector perform" recommendation for Pembina Pipeline. The Globe's David Leeder writes that Mr. Kenny boosted his share target by a loonie to $46. Analysts on average target the shares at $51.57. Mr. Kenny says Pembina Pipeline's $3.1-billion acquisition of Enbridge's interests in the Alliance Pipeline, Aux Sable and NR Green joint ventures is a "no brainer" consolidation. Mr. Kenny believes it "further strengthens" Pembina's "strategy of owning high-quality liquids-rich infrastructure while providing customers access to premium end markets." Mr. Kenny says in a note: "The price tag represents an attractive 2024 estimated adjusted EBITDA multiple of nine times (approximately $340-million EBITDA), with an incremental $40-million to $65-million from expected synergies grinding the multiple down toward eight times and representing 5-per-cent accretion to our 2025-plus AFFO/sh [adjusted funds from operations per share] estimates. ... From a cash flow quality standpoint, the Alliance Pipeline aligns with the company's low-risk profile with more than 80-per-cent take-or-pay contributions."