Pembina Pipeline downgraded to Hold at TD Securities on valuation

As previously reported, TD Securities downgraded Pembina Pipeline (PBA) to Hold from Buy with a price target of C$62, up from C$59. The firm, which notes that it previously said that companies that provide visibility to long term growth will trade at a premium, believes that this thesis has played out for Pembina following strong share price performance year-to-date, the analyst tells investors.