Wells Fargo analyst Praneeth Satish has maintained their bullish stance on TRP stock, giving a Buy rating today.
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Praneeth Satish has given his Buy rating due to a combination of factors including TC Energy’s strategic project developments and financial outlook. The company announced a significant data center project worth $0.9 billion USD, indicating a robust pipeline of future projects. This has led to an increase in capital expenditure estimates to C$7 billion annually starting in 2027, prompting an upward revision of the price target to $78 per share.
Additionally, the clearance of key regulatory hurdles for the Southeast Gateway project has alleviated previous concerns about payment risks, enhancing investor confidence. The company’s focus on capital optimization and modernization projects is expected to boost EBITDA by 2027. Furthermore, potential partnerships in Alberta for data center opportunities and a proactive approach to new growth projects underscore TC Energy’s strong growth trajectory, reinforcing the Buy recommendation.
According to TipRanks, Satish is a 5-star analyst with an average return of 9.0% and a 62.42% success rate. Satish covers the Energy sector, focusing on stocks such as Williams Co, Enbridge, and TC Energy.
In another report released today, CIBC also upgraded the stock to a Buy with a C$76.00 price target.