BUZZ-TD Cowen says natgas optimism fuels midstream valuations, supply concerns linger
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TD Cowen reports that optimism in natural gas is driving midstream valuations, with North American growth reflected in rising profit multiples and capex budgets. Investors are cautious about supply-push growth while favoring demand-pull growth. Canadian midstream valuations exceed the 10-year average, with a positive outlook for TC Energy and Cheniere Energy, while being bearish on Enterprise Products Partners. Price targets have been adjusted for several companies, including Enbridge and Pembina Pipeline Corp, indicating potential upside in their stock prices.
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