Citi upgraded Pembina Pipeline (PBA) to Buy from Neutral with a C$63 price target The firm cites the stock’s 12% underperformance since the U.S. election for the upgrade. Citi sees a “stream of positive catalysts emerging” for Pembina that should close the performance gap, including the announcement of the Greenlight power project. The company now boasts one of the largest growth backlogs relative to its size at over C$8bB, which has the potential to add over 20% EBITDA growth, the analyst tells investors in a research note. Citi expects 2025 to be a year of “overhang removals” for Pembina.
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