Analyst RatingDespite raising the price target, the analyst maintains an Underweight rating due to risks associated with LDC funding, TMX, and valuation.
Financial PerformanceThe analyst's muted outlook for the 2026 EBITDA estimate is based on lower supply growth forecast and lower assumed returns on growth projects.
Financial RisksConcerns are raised due to risks around Mainline volumes, valuation post South Bow spin, and a remaining funding gap.