Tudor, Pickering, Holt on Thursday maintained its hold rating on the shares of Enbridge (ENB.TO, ENB) while raising its price target to C$74.00 from an undisclosed prior level as it updated its models for the pipeline and utility company following its fourth-quarter results..

"Updating our ENB model and rolling forward valuation metrics to 2028 as we've done with the rest of our coverage. Our FY'26 Adj. EBITDA estimate stands at C$20,647MM, up C$118MM versus our previous model and in line with consensus at C$20,631MM. For FY'27, our estimate is unchanged with TPHe at C$21,990MM (Street C$21,737MM). Segment moves were a mixed bag with lower outlooks in Liquids Pipelines and GTM, largely offset by higher contributions from Gas Distribution and Renewables. Lower Liquids and GTM outlooks were largely the result of truing up our model with Q4 actuals. While our outlook for the Renewable segment saw the largest change over the forecast period, driven entirely by the sanctioning of C$2.1B of projects (Cowboy US$1.2B + Easter US$0.4B). On growth expenditures, we're at C$10,058MM in FY'26 and C$9,387MM in FY'27 after updating and including new projects. We see leverage remaining near 4.9x through YE'27, with the potential to push marginally higher if/when ENB sanctions MLO2 (expected mid-2026). On the long-term growth CAGR, we currently sit at ~4.7% from 2026 to 2030 versus company guidance of ~5%. Lastly on valuation, we're moving our price target to $74/shr based on an equal-weight DCF ($74/shr) and EV/EBITDA model ($74/shr, based on FY'28 TPHe EBITDA of C$23,238MM at 12.4x). We maintain our Hold rating," analyst AJ O'Donnell wrote.

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Price: 73.79, Change: +0.93, Percent Change: +1.28