Raymond James analyst Michael Shaw upgraded TC Energy to Outperform from Market Perform with a C$63 price target. 2022 was a very difficult year for the company, resulting in meaningful underperformance, and while TC Energy’s problems are not yet fully resolved, the worst of the pain is behind it, Shaw tells investors in a research note. The challenges in 2022 have overshadowed the strong long-term prospects for TC Energy, but Shaw thinks TC will be able to hit its 6% EBITDA CAGR target and grow the dividend by 3%-5% annually.
Published first on TheFly
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