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RBC Lifts Enbridge's Price Target to C$79 from C$76

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RBC Capital Markets over the weekend raised Enbridge's (ENB.TO) price target to C$79 from $76 with an outperform rating.

Enbridge's first-quarter results that aligned with expectations, as well as the reiteration of its guidance ranges, provide the company with accelerated opportunities with attractive risk-adjusted returns.

"For investors, all these should lead to a more durable growth trajectory that extends beyond 2030, if not also a higher growth rate moving forward," RBC said.

"With multiple catalysts in the near-term to validate this view, and backed by its tried-and-tested capital allocation philosophy, we remain constructive on Enbridge's stock," RBC said.

RBC traded at $74.16 per share at last look Monday on the Toronto Stock Exchange.

Price: $74.40, Change: $+1.07, Percent Change: +1.45%

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