CIBC upgrades TC Energy on increasing growth momentum

As previously reported, CIBC analyst Robert Catellier upgraded TC Energy (TRP) to Outperformer from Neutral with a price target of C$76, up from C$71. TC reported a largely in-line quarter, nut the main takeaway is that its growth momentum is likely to continue while risk is declining as the Southeast Gateway Pipeline in-service date nears, the analyst tells investors in a research note. The firm believes the company continues to execute well on its existing projects and is doing so under budget. CIBC cites TC’s increasing growth momentum for the upgrade.