UPDATE: BMO Capital Markets Upgrades Enbridge to Buy on Growth Potential

BMO Capital Markets raised its rating on Enbridge ENB from Market Perform to Outperform and increased its price target from $44 to $47. BMO Capital Markets commented, "The recent combination of stock (and P/E) pull back, combined with our confidence in visible 10%+ earnings and dividend growth, makes for a compelling combination in a yield-starved market with a name that we expect will remain a sector leader. While today's fourteenth annual analyst day did help to address some anxieties of late (reaffirming project timelines, for instance), we expect stock performance to be tied to good old- fashioned EPS delivery." Enbridge closed at $39.86 on Wednesday.