South Bow initiated with a Sell at Goldman Sachs

Goldman Sachs analyst John Mackay initiated coverage of South Bow (SOBO) with a Sell rating and $29 price target The firm views the stock’s multiple expansion on Prairie Connector, the company’s new growth project, as premature. South Bow’s capital allocation flexibility is restricted relative peers, creating limited shareholder return growth until 2029, the analyst tells investors in a research note.