<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 maintains a sell opinion on TC Energy shares, setting a 12-month target price of CAD63. Concerns include growth capex needs and shareholder returns potentially exceeding operating cash flows, with a net debt to capital ratio at 68%. Despite a positive long-term outlook for natural gas, shares trade 12% above historical averages.</p>

Research Alert: CFRA Keeps Sell Opinion On Shares Of Tc Energy