Wolfe Research downgraded South Bow (SOBO) to Peer Perform from Outperform without a price target The firm cites the stock’s 8% outperformance versus peers since the spin and “surprising” 6% cut to its 2025 EBITDA guidance for the downgrade. The guidance cut “hurts an investment thesis predicated on defensive stability,” the analyst tells investors in a research note. Wolfe views tariffs and South Bow’s “damaged credibility” as near-term overhangs on the stock.
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