Tudor, Pickering, Holt on Tuesday maintained its buy rating on the shares of TC Energy (TRP.TO, TRP) while raising its price target to C$90.00 from C$80.00 as it updated its models for the company following its fourth-quarter results.

"This morning, we published an updated model, rolling our valuation to 2028. Our 2026 EBITDA estimate now sits at $11,885MM, down from our prior model of $11,930MM, above guidance ($11.6-11.8B), and Street estimates of $11,747MM. Estimates shifted down across all segments compared to our last model. The likely delta between Street estimates is our ANR estimate, where we have operating income on the pipeline increasing $100MM y/y. The increase is driven by a step-up in pipeline contracting, which has increased by 12% or over 1 Bcf from 2025 to 2026. For 2028, our updated EBITDA stands at $12,855MM, up from our previous model ($12,751MM), above Street ($12,749MM), and just above the midpoint of guidance ($12,850MM). This increase was driven by the gas segments, with US Gas up ~$70MM to $5,984MM and Canada Gas up ~$50MM to $3,914MM," analyst Analyst: Zack Van Everen 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: 86.00, Change: -0.06, Percent Change: -0.07