---
title: "Lloyd Byrne Reiterates Hold Rating as Softer EBITDA, Higher Costs and Uncertain Strategic Initiatives Keep Risk-Reward Balanced"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/294591212.md"
description: "Jefferies analyst Lloyd Byrne maintained a Hold rating on Pembina Pipeline with a C$70 price target, citing softer Q2 EBITDA, higher corporate costs, and uncertain strategic initiatives. The risk-reward is viewed as balanced until project impacts are clearer. BMO Capital also held a Hold rating with a C$72 target."
datetime: "2026-08-02T00:35:26.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/294591212.md)
  - [en](https://longbridge.com/en/news/294591212.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/294591212.md)
---

# Lloyd Byrne Reiterates Hold Rating as Softer EBITDA, Higher Costs and Uncertain Strategic Initiatives Keep Risk-Reward Balanced

Jefferies analyst Lloyd Byrne maintained a Hold rating on Pembina Pipeline on July 30 and set a price target of C$70.00.

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Lloyd Byrne has given his Hold rating due to a combination of factors, including a second-quarter EBITDA result that came in slightly below expectations and higher-than-anticipated corporate costs that pressured overall performance. While segment results were generally mixed but acceptable, the modest shortfall and cost overruns limit near-term upside in the shares.

Lloyd Byrne’s rating is based on management’s decision to maintain FY26 guidance, with EBITDA only tracking toward the midpoint and third-quarter results expected to be softer than the second quarter. In addition, recent strategic initiatives and potential new projects are still evolving, so until their impact on cash flows and valuation is clearer, he views the risk-reward as balanced and appropriate for a Hold stance.

Byrne covers the Energy sector, focusing on stocks such as Cenovus Energy, Flowco Holdings Inc Class A, and Sable Offshore. According to TipRanks, Byrne has an average return of 18.3% and a 57.89% success rate on recommended stocks.

In another report released on July 31, BMO Capital also maintained a Hold rating on the stock with a C$72.00 price target.

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