<div id="readability-page-1"><p>01:00 PM EDT, 05/07/2026 (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 USD52, raised USD3, reflects a combination of relative valuation and DCF model analyses. On a relative basis, we apply a 12.0x multiple of enterprise value to projected 2027 EBITDA, in line with TRP's historical forward average. This approach yields a value of USD53 per share. Meanwhile, our DCF model, using free cash flow growth of 10% per year for 10 years, 2.5% thereafter, discounted at a WACC of 5.7%, yields intrinsic value of USD51 per share. We cut our 2026 EPS estimate by CAD0.18 to CAD3.63 and 2027's by CAD0.12 to CAD3.78. We think the project pipeline remains strong, and TRP has been executing well on bringing new projects into service. Nonetheless, we think shares are already trading at rich valuations, at a 15% premium to TRP's historical forward average on EBITDA, and a 29% premium on forward cash flows. At current pricing, we think it may be difficult for shares to surprise to the upside.</p> <p>MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.</p></div>

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<p>CFRA 對 TC Energy 的股票維持 “賣出” 評級，將 12 個月目標價上調至 52 美元。這是基於對 2027 年預計 EBITDA 的 12.0 倍倍數計算得出的每股價值為 53 美元，同時折現現金流模型顯示每股內在價值為 51 美元。2026 年和 2027 年的每股收益預期已被下調。儘管項目管道強勁，但股票被視為高估，目前的交易價格比歷史平均 EBITDA 高出 15%，現金流高出 29%，因此上行驚喜的可能性不大</p>

研究警報：CFRA 繼續維持對 TC Energy 股票的賣出評級