In a note released Monday, Citi analyst Faisel Khan upgraded shares of TransCanada TRP from Neutral to Buy and raised the price target from $51 to $61.
The upgrade comes amid a potential breakup of the company. According to Khan, TransCanada shareholders would benefit through a tax-free spin off of the company's power business.
He added that TransCanada's diverse operations lack synergy and cause a "managerial burden."
Shares of TransCanada are up ~0.6 percent.
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