UPDATE: National Bank Financial Upgrades TransCanada Corporation to Sector Perform on Nebraska K-XL Approval
National Bank Financial upgraded TransCanada Corporation (NYSE: TRP) from Underperform to Sector Perform and raised the price target from $42.50 to $51.00.
National Bank Financial noted, "TransCanada announced that Nebraska's Governor approved the re-route of the proposed $5.3 bln, 830 mbpd Keystone-XL pipeline stretching from Hardisty, Alberta to Steele City, Nebraska. The pipeline will now avoid the environmentally sensitive Sandhills area in Nebraska. … Overall, we increased our long-term EBITDA contributions from the Keystone System by ~$700 million (~14% of aggregate EBITDA) to ~$1.7 billion. Longer term, the Keystone System now represents ~30% of TransCanada's overall EBITDA contributions."
TransCanada Corporation closed at $49.13 on Tuesday.
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