TC Energy upgraded to Overweight from Neutral at JPMorgan

JPMorgan upgraded TC Energy to Overweight from Neutral with a price target of C$69, up from C$64. While the stock has performed well, there is “room to catch up” with TC’s U.S. peers, particularly as the company begins to further define its natural gas pipeline expansion leverage to growing power and liquified natural gas export demand, the analyst tells investors in a research note. The firm sees these “largely brownfield” expansion opportunities driving EBITDA growth of over 7% per year through 2026. Moreover, TC’s 5.4% yield screens attractive in this environment, yielding more than its natural gas peers, adds JPMorgan.