TC Energy Can Capture Growth Driven by Data Center, Coal-to-Gas Switching, RBC Says

MT Newswires Live05-27

TC Energy (TRP) can capture secular growth driven by data center load, electrification, coal-to-gas switching, and US LNG export themes, RBC Capital Markets analysts said in a Monday note.

Analysts said that the recently sanctioned Appalachia Supply project is a testament to its capabilities and adds to its list of previously announced gas pipeline growth projects.

RBC said that TC Energy is positioned to extend its multi-year EBITDA compound annual growth rate at least through the end of the decade.

"Long-term, TC Energy looks to leverage its existing assets to deliver potential capital efficient expansion opportunities, particularly at attractive risk-adjusted returns," analysts said

RBC has an outperform rating and a CA$95 ($68.78) price target on the stock.

Price: 69.45, Change: -1.46, Percent Change: -2.06

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