UPDATE: Bank of America Upgrades TC Pipelines to Buy after TC Pipelines Reveals Plans to Acquire Additional Shares in GTN/Bison

In its Friday May 17 report, Bank of America analyst Gabe Moreen Upgraded TC Pipelines

from neutral to buy with a price target of $51.00 after TC Pipelines announced its plans to acquire additional equity interests in Gas Transmission Northwest and Bison. In the report, Moreen stated, "We view TCP's risk/reward profile as attractive as its recently announced drop-down alleviates most investor concerns regarding uncertainty around its ability to re-contract pipeline capacity on attractive terms, underwhelming organic growth, and below peer-average distribution growth. In addition, there is still sizable drop-down potential from TCP's GP, TRP, that may provide upside to our estimates." TC Pipelines is currently trading at $44.84, up 2.26 percent from its Thursday close price of $43.85.