<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 對 TC Energy 的股票維持賣出評級，設定 12 個月目標價為 63 加元。主要擔憂包括增長資本支出需求和股東回報可能超過運營現金流，淨債務與資本比率為 68%。儘管對天然氣的長期前景持積極態度，但股票交易價格比歷史平均水平高出 12%</p>

研究警報：CFRA 維持對 TC Energy 股票的賣出評級