Enbridge's (ENB.TO) price target has been increased to $67 from $63 while the company kept its Outperform rating, RBC Capital Markets said Monday.

RBC said the updated price target uses a higher forward P/E valuation multiple of roughly 20x (up from 19x), reflecting the "supportive growth environment" across the company's diversified portfolio. While maintaining its EPS estimates, the bank has modestly increased its EBITDA and DCF/share forecasts to primarily reflect "more favourable" FX forecasts

According to RBC, Enbridge's March 4 corporate event will offer the market a "much-needed refresher" on how the company's four core franchises can capture long-term growth in North America's rising energy demand environment and position it to extend its growth rate through the end of the decade, RBC said.

"To reinforce its cornerstone position in many energy- and income-focused investment portfolios, investors should expect an uncompromising discipline on capital allocation to preserve balance sheet strength and deliver sustainable return of capital to shareholders," RBC said.

Meanwhile, Enbridge maintained its Sector Perform rating and $63 price target at National Bank of Canada, according to a Monday note.

National noted ENB reported Q4 24 AFFO/sh of $1.41, matching the bank's estimate on adj. EBITDA of $5.1 billion, while reaffirming 2025 financial guidance including AFFO/sh of $5.50-$5.90 on adj. EBITDA of $19.4-$20.0 bln.

Enbridge's share price was down 1.5% at last look Tuesday to $60.15 on the TSX.