UPDATE: JPMorgan Double Upgrades TC Pipelines (TCP) to Overweight
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JPMorgan analyst Jeremy Tonet upgraded TC Pipelines (NYSE: TCP) from Underweight to Overweight with a price target of $46.00 (from $41.00).
The analyst comments "Given our near-term view for a choppy energy market, we believe TCP stands well positioned to weather a lower for longer environment, with materially less fundamental downside risk. After reevaluating TCP’s risk/reward proposition within our coverage universe, despite our dislike for IDRs, we see TCP’s cash flow stability and ability to leverage in-corridor growth opportunities as overwhelmingly compelling, driving us from UW to OW."
Shares of TC Pipelines closed at $31.45 yesterday.
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