Raising Pembina’s FVE; Stock Looks Fairly Valued
We are raising our fair value estimate for Pembina Pipeline to CAD 42 from our previous estimate of CAD 41, driven by the announcement of the Peace River Phase 6 and Alliance pipeline expansions. Because of movements in foreign exchange rates, we are maintaining our $33 U.S. fair value estimate. Despite the increase in our fair value estimate, the stock looks fairly valued. The market has appropriately recognized the company’s growth potential, limiting the stock’s upside. Future growth projects...
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