Wells Fargo analyst Praneeth Satish maintained a Buy rating on TC Energy today and set a price target of C$78.00.
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Praneeth Satish’s rating is based on the recent positive developments surrounding TC Energy’s Columbia Gas settlement. The agreement has led to a significant increase in transportation rates, which are now set 26% higher than the previous rates. This uplift is expected to contribute positively to TC Energy’s financial performance, as it aligns with the company’s fiscal year guidance.
Furthermore, the settlement includes provisions for future rate adjustments, which could lead to additional EBITDA growth over time. These factors, combined with the strategic benefits from the Virginia Electrification and WB Xpress Projects, support the Buy rating by indicating a promising outlook for TC Energy’s financial health and growth potential.