Enbridge price target lowered to C$60 from C$65 at RBC Capital

RBC Capital lowered the firm’s price target on Enbridge to C$60 from C$65 but keeps an Outperform rating on the shares. There is uncertainty with respect to Mainline financial performance under the new tolling agreement as well as the volume outlook in 2024, but the stock offers an opportunity for Enbridge to attract increased investor interest due to its capital allocation framework that features leverage that is currently at the low-end of its target range, the analyst tells investors in a research note.