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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (75422)	2/25/2020 7:22:19 AM
From: Goose94	Read Replies (2) of 202988

Enbridge (ENB-T) Goldman Sachs analyst Michael Lapides has cut his rating on Enbridge to "sell" from "neutral" (all figures U.S.). Mr. Lapides also trimmed his share target to $51 from $52. Analysts on average target the shares at $57.36. After "sizable" outperformance and a "major" share price rally recently, Mr. Lapides says the risk/reward proposition for Enbridge is "more unfavourable now," emphasizing his earnings before interest, taxes, depreciation and amortization estimates now fall below the consensus on the Street. Mr. Lapides says in a note: "In the last six months, ENBs shares outperformed the Midstream Energy and the broader Energy Sector by 30 per cent and 24 per cent, respectively. We base our downgrade on (1) continued delays for the $9.1-billion Line 3 Replacement project, a key driver of earnings growth, largely due to permitting and other bottlenecks, [and] (2) downside risk and a regulatory overhang as ENB negotiates with shippers and before the Canada Energy Regulator over the tolls on its large oil Mainline pipeline -- with many key large cap producers pushing back against ENB's proposals."

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