Pembina Pipeline initiated with a Neutral at Citi

Citi analyst Spiro Dounis initiated coverage of Pembina Pipeline with a Neutral rating and C$42 price target. The company boasts an over C$5B backlog of high quality and low-carbon projects, but the shares already trade at a premium that reflects these positive attributes, the analyst tells investors in a research note. The firm sees a balanced risk/reward at current share levels.