Inter Pipeline (IPL-T) Industrial Alliance Securities analyst Elias Foscolos downgraded Inter Pipeline to "hold" from "speculative buy." Mr. Foscolos, however, is keeping his share target at $14.50. Analysts on average target the shares at $12.68.
Mr. Foscolos says he issued his downgrade because the stock, which has been a steady climber since the beginning of April, steepened its advance in the last while.
Mr. Foscolos says in a note: "IPL has led our coverage universe since our last update, returning 18 per cent and retracing some of the above-average losses the stock has experienced due to the impact of COVID-19 coupled with negative company-specific sentiment.
Although IPL continues to lag on a year-to-date basis, we believe that the recent $700-million financing should provide a confidence boost for investors."
Nov. 15, 2019, that Mr. Foscolos boosted Inter Pipeline to "buy" from "hold," when it was worth $21.92 March 13, 2020, that Mr. Foscolos continued to rate the shares "buy." The shares could then be had for $11.12.
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