South Bow downgraded to Underperform from Peer Perform at Wolfe Research

Wolfe Research analyst Keith Stanley downgraded South Bow (SOBO) to Underperform from Peer Perform with a $24 price target The firm says the shares were the top performer in 2025 as the company’s contracted cash flows were more highly valued. However, South Bow’s “incredibly ambitious plan” in November changed the story from a low risk yield play to an investment in management’s ability to execute on acquisitions, the analyst tells investors in a research note. Wolfe says this creates risk in 2026.