Thursday, October 7, 2010

Canaccord Maintains "Hold" on Enbridge (NYSE:ENB) After Investor Day

Canaccord Genuity visited Enbridge Inc. (NYSE:ENB) for their annual investors day, and said afterward maintains a "Hold" on the company.

Canaccord said, "Enbridge hosted its annual 'Enbridge Day' in Toronto, updating the investment community on current and future initiatives and its financial outlook. The company is comfortable with its targeted 10% annual EPS growth through 2014 and 18% cash flow growth for the same period. In addition to current liquids transportation initiatives, ENB identified various platforms to fuel future growth (midstream, a re-entry into international investments, natural gas generation and electricity transmission) to give it - $30 billion of development opportunities. We continue to be impressed by the company’s ability to find new projects, and maintain our HOLD.

"While there may be some risk Enbridge could experience reduced earnings
and/or cash flow from the NEB’s final Alberta Clipper decision, our target
price reflects full earnings and cash flow."

The company closed Wednesday at $53.91, up slight to $0.02, or 0.04 percent. Canaccord has a price target of C$55 on them. In Toronto they closed at $54.50.

No comments:

Post a Comment