UPDATE: Wolfe Research Downgrades TransCanada Corporation (TRP) to Underperform

Wolfe Research analyst Steve Fleishman downgraded TransCanada Corporation (NYSE: TRP) from Peerperform to Underperform with a price target of $57.00.

The analyst comments "We are downgrading shares of TC Energy to Underperform from Peer Perform. TRP has been one of the better performers in the space YTD, up 26%, and trades at the highest multiple. To be clear, we think a premium is warranted as TRP has the one of the most utility-like return profiles in the sector with energy transition upside LT. However we see others as better positioned to benefit in the near term from the current commodity situation, and we are taking a more conservative tack on potential for upside in the sector from here..."

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

Shares of TransCanada Corporation closed at $58.73 yesterday.

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