TC Energy (TSX: TRP; C$67.98; Buy; PT-C$69) TC Energy modestly outperformed the AMNA yesterday (+1%) after hosting its annual investor day in Toronto. M&A was very topical given robust YTD performance sustains a premium valuation. While possible, the company’s focus on distressed, long-life, contracted assets makes the list of potential targets limited in our view. The company remains committed to self-funding (20/80 D/E) the ~C$30B backlog supporting 8-10% dividend growth outlook through 2021. …......
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