---
title: "TC Energy: Hold Rating Maintained as Bruce C Funding Uncertainty Keeps Risk/Reward Balanced; $90 Price Target Unchanged"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/292136427.md"
description: "Jefferies analyst Sam Burwell maintained a Hold rating on TC Energy with a C$90 price target, citing balanced risk/reward due to uncertainty surrounding the Bruce C project funding. While management highlighted strong execution and credible self-funding plans, execution risks keep the outlook neutral. ATB Cormark also held a Hold rating with a C$92 target."
datetime: "2026-07-09T02:15:22.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/292136427.md)
  - [en](https://longbridge.com/en/news/292136427.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/292136427.md)
generator: "portal-rs"
---

# TC Energy: Hold Rating Maintained as Bruce C Funding Uncertainty Keeps Risk/Reward Balanced; $90 Price Target Unchanged

TC Energy, the Energy sector company, was revisited by a Wall Street analyst yesterday. Analyst Sam Burwell from Jefferies maintained a Hold rating on the stock and has a C$90.00 price target.

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Sam Burwell has given his Hold rating due to a combination of factors related to TC Energy’s Bruce Power asset and its capital plans. At the Stampede teach-in, management highlighted the strong execution of the Major Component Replacement program and emphasized Bruce Power’s distinctive commercial arrangements, which together support a stable, contracted cash-flow profile.

However, while the company outlined additional clarity on risk parameters, strategic options, and timing for the potential Bruce C project, these positives are balanced by the scale and uncertainty of future capital needs. Management presented self-funding of Bruce C as a credible path, underscoring improving free cash flow, but the execution and timing risks keep the risk/reward profile relatively neutral. As a result, Burwell maintains a Hold view and leaves the $90 price target unchanged, seeing limited near-term multiple expansion until there is greater visibility on Bruce C funding and overall capital allocation.

According to TipRanks, Burwell is a 5-star analyst with an average return of 15.9% and a 67.60% success rate. Burwell covers the Energy sector, focusing on stocks such as Pembina Pipeline, Strathcona Resources, and Keyera Corp..

In another report released yesterday, ATB Cormark Capital Markets also maintained a Hold rating on the stock with a C$92.00 price target.

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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**