BMO Capital analyst Ben Pham downgraded Enbridge to Market Perform from Outperform with a price target of C$55, down from C$60. Accelerating growth in LNG export, renewables, and gas utility should support further dividend increases, but the company’s cash flow picture will soften on the Mainline as early as 2024, the analyst tells investors in a research note. BMO Capital further states that Enbridge shares have outperformed its closest peers in the past 1-, 2-, and 5-year time frame and now trade at a premium valuation.
Published first on TheFly
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