BMO Capital Markets on Friday reiterated its outperform rating on the shares of Pembina Pipeline (PPL.TO, PBA) while trimming its price target to C$59.00 from C$61.00.
"We are maintaining our Outperform rating on PPL shares, but lowering our target to $59 (vs. $61) and shifting shares out of our Top 5 Best Ideas roster. Long-term growth (4-6% fee-based adj. EBITDA/sh through 2026) and relative valuation remains attractive (~11x EBITDA vs. ~11.5x KEY and ~12x ENB/TRP) but 2025 EBITDA guide was a tad soft (~3% below consensus) and we believe the CER review of Alliance tolls could weigh on shares in the near-term, esp. following the recent unfavorable recontracting outcome on the Cochin pipe," analyst Ben Pham wrote.
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
Price: 54.58, Change: -0.36, Percent Change: -0.66
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