<div id="readability-page-1"><p>10:20 AM EST, 11/21/2025 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:</p><p>Our 12-month target price of CAD63, up CAD3, reflects an 11.5x multiple of enterprise value to projected '26 EBITDA, in line with TRP's historical forward average. We cut our '25 EPS estimate by CAD0.10 to CAD3.52, and '26's by CAD0.12 to CAD3.80. Our DCF model, using a medium-term free cash flow growth rate of 3%, terminal value of 2.5%, and a WACC of 6%, yields a value of CAD64. Our wariness on the shares stems from concern that the combination of growth capex needs, as well as planned returns to shareholders, may overtake available operating cash flows. TRP's net debt to capital ratio is already somewhat elevated at 68%, well above Canadian midstream peers averaging 54%. We do like the longer-term outlook for natural gas transportation and processing, given the potential demand growth for related areas such as LNG exports and data centers. Nonetheless, shares are trading 12% above TRP's historical forward average.</p> <p>MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.</p></div>

<p>CFRA 对 TC Energy 的股票维持卖出评级，设定 12 个月目标价为 63 加元。主要担忧包括增长资本支出需求和股东回报可能超过运营现金流，净债务与资本比率为 68%。尽管对天然气的长期前景持积极态度，但股票交易价格比历史平均水平高出 12%</p>

研究警报：CFRA 维持对 TC Energy 股票的卖出评级