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Pembina Pipeline downgraded to Underweight from Equal Weight at Wells Fargo

Wells Fargo downgraded Pembina Pipeline (PBA) to Underweight from Equal Weight with a price target of C$50, down from C$57. The firm says its negative thesis hinges on 4-year EBITDA growth falling to 2.6% vs. consensus of 4.6% due to re-contracting and valuation risk as Pembina’s growth slows and competitive threats increase.

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