UPDATE: Morgan Stanley Downgrades Enbridge (ENB) to Equalweight

Morgan Stanley analyst Tom Abrams downgraded Enbridge (NYSE: ENB) from Overweight to Equalweight with a price target of $60.00 (from $37.00).

The analyst comments "We expect ENB to continue to attract generalist interest given the quality of its asset footprint and energy transition focus. ENB offers a balanced return profile supported by a high degree of EBITDA stability and an attractive set of contracted or regulated projects, At current levels, however, we see less opportunity for outperformance versus others with discounted valuations in relation to greater reopening exposure, higher FCF or more visible growth absent an environment in which defensive positioning is favored."

For an analyst ratings summary and ratings history on Enbridge click here. For more ratings news on Enbridge click here.

Shares of Enbridge closed at $40.02 yesterday.

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