August 17, 2018 / 12:46 PM / a month ago

BUZZ-Enbridge Inc: BofA upgrades on Line 3 progress, raises PT

** BofA upgrades stock of Canada’s largest pipeline operator to “Buy” on progress with its Line 3 pipeline, asset sales and funding

** Sees ENB as a ‘show me’ story, raises PT to C$50 from C$49

** Earlier this month, ENB said it completed 40 pct of replacement work on its Line 3 pipeline, which runs from Alberta in western Canada to Wisconsin in the United States

** BofA says the $7.5 bln in announced asset sales YTD have positioned ENB well in funding its $22 bln capex and $4 bln senior debt reduction in 2018-2020

** Says ENB on track to transform into a “low-risk, utility-like business with a simplified structure”

** Out of 12 brokerages, 8 rate the stock “buy” or higher, 4 “hold”; Median PT is C$53.50

** ENB’s U.S. listed shares were up ~1 pct at $35.23 premarket

** Up to Thursday’s close, ENB’s U.S. stock had fallen 10.8 pct YTD (Reporting by Shanti S Nair in Bengaluru)

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