Raising TransCanada FVE After Strong 1Q; Stock Looks Like a Bargain
We are raising our fair value estimate for narrow-moat TransCanada to $56 (CAD 71) from $54 (CAD 70), driven by a more optimistic near-term outlook for the Keystone system. With a shortage of pipeline takeaway capacity, we expect the Keystone system to operate near full capacity and generate increased cash flows. Our U.S. fair value estimate was also positively affected by changes in foreign exchange rates.ÂWith its 4-star rating and narrow moat, TransCanada's stock offers 30% upside and an att...
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