Enbridge downgraded to Hold from Buy at Jefferies

Jefferies downgraded Enbridge (ENB) to Hold from Buy with a price target of C$76, up from C$71. The firm cites valuation for the downgrade. The company’s Q4 EBITDA topped estimates but the stock’s rally was likely driven more by its “constructive” Venezuela commentary, the analyst tells investors in a research note. Jefferies believes upside revisions to Enbridge’s 5% long-term EBITDA growth target are not imminent. The stock has rallied 12% year-to-date and have re-rated nearly a turn of EBITDA in the last three weeks to the highest multiple since 2022, adds the firm.