JPMorgan downgraded South Bow (SOBO) to Underweight from Neutral with a $27 price target The firm’s initiation of the stock was highlighted by Keystone’s long-term take-or-pay contracts and key connectivity between growing WCSB crude oil production and U.S. demand centers, but a more muted EBITDA growth profile, paired with fewer near-term catalysts, collectively underpin a less attractive outlook for the stock relative to its midstream peers at this juncture, the analyst tells investors in a research note.
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