National Bank Financial Reiterates Outperform Rating, $46 PT on Enbridge

In a report published Friday, National Bank Financial reiterated its Outperform rating and $46.00 price target on Enbridge

. National Bank Financial noted, “Overall, ENB's secured project portfolio has reached ~$18 billion (~$13 billion net) – expected to boost earnings per share growth by at least 11% per year through 2016e. Meanwhile, should ENB successfully obtain commercial and/or regulatory approvals for its $1.2 billion Woodland Pipeline expansion and the $1.8 billion Mainline expansion, we forecast a 5-yr EPS CAGR of ~13.3% – in line with management's expectations for 12%+ annual EPS growth through 2016e. Going forward, the company has identified a further ~$9 billion of highly probable (~$5 billion net) and ~$5 billion in risk adjusted growth opportunities – representing a further $7.50/share (~15%) upside to our $46.00 target. Combined with an expected 11-15% dividend increase by early December, we reiterate our Outperform rating.” Enbridge closed on Wednesday at $38.95.