TC Energy price target raised to C$93 from C$80 at Wells Fargo

Wells Fargo raised the firm’s price target on TC Energy (TRP) to C$93 from C$80 and keeps an Overweight rating on the shares. The firm highlights two “key positives” from TC Energy’s call – about 90% certainty on the $8B potential backlog and no limit on capex in 2029 and later. Together, the firm believes these support materially higher outer-year capex and growth, the analyst tells investors.