Enbridge price target raised to $33 from $32 at Wolfe Research

Wolfe Research raised the firm’s price target on Enbridge to $33 from $32 and keeps an Underperform rating on the shares. The analyst updated estimates after reviewing the company’s Q3 results. The firm sees more robust EBITDA in 2024 after strong Q3 Mainline results under the new tariff and incremental acquisitions. However, it still thinks it will be hard for Enbridge to hit 2025 per share metrics given the high financing costs for growth.