-- Analysts at RBC Capital Markets, TD Securities and CIBC Capital Markets raised their price targets on TC Energy Corp. (TRP.TO, TRP).
RBC analyst Maurice Choy increased his target on shares of the Calgary-based energy company to $95 from $92, and maintained an Outperform rating following its quarterly results.
"Amid the in line Q1/26 results and reaffirmation of near-term guidance ranges reinforcing TC Energy's operational momentum, the core of the company's growth stock investment thesis remains solidly intact," Choy said in a note to clients.
"Backed by a balance sheet that is tracking toward the 4.75x debt/EBITDA target, we believe TC Energy's capital-efficient growth model is working as designed," the analyst said.
TD analyst Aaron MacNeil raised his price target to $90 from $88, and maintained a Hold rating.
"Q1/26 reinforced TC's US-centric growth opportunity, with Appalachia establishing a scalable platform with clear multiple compression over time, while oversubscribed Crossroads/ Columbus open seasons and growing backlog point to accelerating, capital-efficient growth through 2030, without compromising balance sheet discipline," MacNeil said in a note to clients.
CIBC Analyst Robert Catellier raised his target on the stock to $94 from $89, and maintained an Outperformer rating.
"TRP's Q1 results marked a continuation of steady execution and operational strength across its systems, but the bigger takeaway is the expanding growth pipeline and increased visibility into scalable, in-corridor expansions to serve robust power demand," Catellier said in a note to clients.
"Recent oversubscribed seasons point to additional project FIDs in 2026."