$ENB Enbridge +3% as BAML upgrades to Buy on de
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Posted On: 08/19/2018 4:30:59 PM
$ENB
Enbridge +3% as BAML upgrades to Buy on de-risked operations
Enbridge (ENB +3.2%) is higher after BofA Merrill Lynch upgrades shares to Buy from Neutral with a $50 price target, citing higher confidence in the company's progress in project execution of the Line 3 Replacement project, funding and asset sales, and the simplification of transactions.
BAML analyst Dennis Coleman believes ENB deserves to be valued in-line with its large-cap midstream and MLP peers because it has managed to largely de-risk its operations.
Investors have been concerned about ENB's funding and balance sheet, but Coleman thinks the $7.5B from the announced asset sales will provide support for the company's $22B capex and $4B debt payment during 2018-20.
Enbridge +3% as BAML upgrades to Buy on de-risked operations
Enbridge (ENB +3.2%) is higher after BofA Merrill Lynch upgrades shares to Buy from Neutral with a $50 price target, citing higher confidence in the company's progress in project execution of the Line 3 Replacement project, funding and asset sales, and the simplification of transactions.
BAML analyst Dennis Coleman believes ENB deserves to be valued in-line with its large-cap midstream and MLP peers because it has managed to largely de-risk its operations.
Investors have been concerned about ENB's funding and balance sheet, but Coleman thinks the $7.5B from the announced asset sales will provide support for the company's $22B capex and $4B debt payment during 2018-20.
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