Enbridge downgraded to Neutral from Overweight at JPMorgan

JPMorgan downgraded Enbridge (ENB) to Neutral from Overweight with a price target of C$69, down from C$74. The company’s crude oil segment, which accounts for roughly 50% of its EBITDA, faced below-peer growth prospects even before the Venezuelan competitive threat emerged, the analyst tells investors in a research note. JPMorgan believes Enbridge’s per share growth will be “increasingly difficult over time” amid Venezuelan oil supply risk.