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.
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Published first on TheFly
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