** TC Energy TRP.TO on Thursday reported Q3 profit above analysts' estimates on strong natgas demand, capex cut
** Per six analysts, median PT is C$66
CAPITAL EXPENDITURE CUT, PROJECT COMPLETIONS BODE WELL FOR TC ENERGY
** Scotiabank ("sector outperform") raises PT to C$74 from C$68; says "attractive business mix, highly contracted asset base, and visible growth profile warrant a premium valuation to its North American peers"
** CIBC ("neutral") raises PT to C$67 from C$66; says "solid earnings report and lower capex are improving visibility in achieving not only 2024 but also 2025 deleveraging goals"; notes successful execution on Southeast Gateway Pipeline project is risk mitigant
** Jefferies ("hold") raises PT to C$64 from C$60; notes co's interest in reducing Mexico exposure from ~15% proforma Southeast Gateway but no asset sales part of deleveraging in 2025
** ATB Capital Markets ("sector perform") raise PT to C$65 from C$64; notes most segments in-line with expectations but highlights Bruce Power as standout asset with 98% availability
(Reporting by Seher Dareen in Bengaluru)
((Seher.Dareen@thomsonreuters.com;))
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