Enbridge resumed with a Market Perform at BMO Capital

BMO Capital analyst Ben Pham resumed coverage of Enbridge (ENB) with a Market Perform rating with a price target of $52, down from $54. The acquisition of three U.S. gas utilities from Dominion (D) for $14B has several positive strategic benefits, but the accretion isn’t anticipated to be meaningful and funding and regulatory uncertainty could persist through most of 2024, the analyst tells investors in a research note.