Stifel analyst Cole Pereira initiated coverage of Enbridge with a Hold rating and C$52 price target. The firm cites its leading oil transportation footprint, with a growing exposure to natural gas, and “attractive earnings quality.” However, while Enbridge trades at a “deserved premium valuation relative to peers,” the firm sees less room for its valuation to migrate higher in the near-term given its premium and lower upside for ROIC and per-share growth, the analyst tells investors.
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- Pembina to acquire Enbridge interests in JVs for aggregate price of about $3.1B
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