Tudor, Pickering, Holt on Friday maintained its buy rating on the shares of TC Energy (TRP.TO, TRP) with a C$74.00 price target as it updated its models after the power and pipeline company staged its annual investor day presentations.

"This morning, we updated our TRP model post-Investor Day, with 2024 EBITDA now estimated at C$11.163B, in line with Street estimates. For 2025, our EBITDA estimate increased from C$10.358B to C$10.716B compared to Street estimates of C$10.722B and guidance of C$10.7-10.9B. Our estimates moved up due to higher contributions from NGTL, lower build multiples on US gas pipelines, slightly higher rates and contracting on certain US pipelines, and shifting Southeast Gateway forward a quarter. In 2027, our estimates moved up from C$11.570B to C$11.879B compared to Street estimates of C$11.985B and guidance of C$11.7-11.9B. With the update, we also shifted our valuation model to 2026, which increased our PT to C$74 from C$61. We do not put a capex wedge in our model, but TRP did lay out a relatively full budget over the next 5 years with the opportunity to capture up to 23 Bcf/d of gas-demand opportunities," analyst Zack Van Everen noted.

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