November 29, 2017 / 3:13 PM / a year ago

BUZZ-TransCanada: Dividend growth to continue into 2021, NBC hikes PT

** National Bank of Canada raises TransCanada’s PT by C$1 after country’s 2nd-largest pipeline operator extends its ~10 pct annual dividend growth forecast to 2021

** TRP had previously forecast 8-10 pct growth through 2020; On Nov. 9, co hiked annual dividend to C$2.50/shr, up 10 pct over 2016

** Brokerage raises PT to C$69, representing ~C$4/shr upside to NBC’s target related to a positive final investment decision for TRP’s Keystone XL project

** At investor day on Tuesday, TRP reaffirmed capital program of ~C$23 bln through 2021; Expects to invest ~C$18 bln of capital over 2018-2020 alone

** Brokerages largely bullish, with 13 out of 15 recommending “buy” and 2 “hold”; median PT C$72

** Stock up ~5 pct YTD

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