<div id="readability-page-1"><p>02:55 PM 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>We lift our 12-month target price by CAD1 to CAD70, reflecting a combination of our relative valuation and DCF model analyses. On a relative basis, we apply an 11.8x multiple of enterprise value  to projected 2026 EBITDA, in line with ENB's historical forward average. That approach yields a value of CAD64 per share. Meanwhile, our DCF model, using free cash flow growth of 5.5% per year for 10 years, 2.0% thereafter, discounted at a WACC of 6.1%, yields a value of CAD75 per share. We cut our 2025 EPS estimate by CAD0.11 to CAD2.92, but lift 2026's by CAD0.09 to CAD3.19. ENB is facing a mixed bag of headwinds and tailwinds, with crude oil fundamentals in the former camp, and natural gas in the latter camp. We also note ongoing regulatory risk surrounding ENB's Line 5 pipeline in Michigan and Wisconsin. Much of ENB's project backlog is gas-related, which we think has solid long-term prospects, but its valuation appears fairly full at the moment. Shares yield 5.5%.</p> <p>MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.</p></div>

<p>CFRA maintains a Hold opinion on Enbridge Inc. shares, raising the 12-month target price to CAD70. The valuation is based on a combination of relative valuation and DCF model analyses. The 2025 EPS estimate is cut to CAD2.92, while the 2026 estimate is raised to CAD3.19. Enbridge faces mixed headwinds and tailwinds, with regulatory risks for its Line 5 pipeline. Shares yield 5.5%.</p>

Research Alert: CFRA Keeps Hold Opinion On Shares Of Enbridge Inc.