RBC Capital Markets analyst Robert Kwan and CIBC Capital Markets analyst Robert Catellier have raised their outlook and target price for TC Energy stock, respectively. The company is planning to spin off its liquids pipeline business and sell non-core assets.
TC Energy has a number of irons in the fire, including the spin-off of its liquids pipeline business, and the strategic sale of billions worth of non-core assets . On Monday, RBC Capital Markets analyst Robert Kwan raised his outlook for Toronto-listed TC Energy stock from $54 to $59, while maintaining an “outperformer” rating. On Friday, CIBC Capital Markets analyst Robert Catellier raised his target price to $56 per share from $55, keeping a “neutral” recommendation.
“TC Energy continues to build investor confidence coming out of what increasingly appears to be a low-point in August 2023,” Kwan wrote in a note to clients.The company still has important irons in the fire, including the spin-off of its liquids pipeline business, and the strategic sale of billions worth of non-core assets. In mid-2024, TC Energy plans to hold a shareholder vote on spinning off its crude pipeline business. The new company will be called South Bow, and will remain headquartered in Calgar
TC Energy Stock Outlook Analyst Spin-Off Liquids Pipeline Non-Core Assets
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