Enbridge price target raised to C$59 from C$56 at BMO Capital

BMO Capital analyst Ben Pham raised the firm’s price target on Enbridge (ENB) to C$59 from C$56 and keeps a Market Perform rating on the shares. The company’s Q3 earnings highlighted the benefit of its diverse energy infrastructure franchise, and not only does it provide more resilient results with in-line cash flows per share and a 1% EBITDA beat, it also enhances growth opportunities, showing $8B-$9B of annual growth capital investable capacity, the analyst tells investors in a research note. BMO adds however that while it is positive on the company’s dividend yield, it sees the stock as “fairly valued”.