Credit Suisse analyst Andrew Kuske downgraded Enbridge to Underperform from Neutral with a price target of C$53, up from C$52. The analyst cites valuation for the downgrade and sees potential for "fading returns" on the Liquids system given supply-demand dynamics and the lack of future egress options. The "fairly wide dispersion" in EBITDA estimates in 2023 and 2024 will take time to converge, the analyst tells investors in a research note. The firm believes better relative value exists in the regional exposed stocks.
Protect Your Portfolio Against Market Uncertainty
- Discover companies with rock-solid fundamentals in TipRanks' Smart Value Newsletter.
- Receive undervalued stocks, resilient to market uncertainty, delivered straight to your inbox.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on ENB:
- Enbridge Provides Notice of Series D Preferred Shares Conversion Right and Announces Reset Dividend Rates
- Enbridge price target raised to C$56 from C$54 at National Bank
- Enbridge downgraded to Market Perform from Outperform at BMO Capital
- Enbridge renews normal course issuer bid
- Enbridge price target lowered to C$52 from C$54 at Credit Suisse