08:30 AM EDT, 05/06/2024 (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:

Our 12-month target price of $38, cut $3, reflects a 10.8x multiple of enterprise value to projected 2025 EBITDA, slightly below TRP's historical forward average, merited by what we see as above-average demands from dividends and growth capex needs. We cut our '24 EPS estimate by C$0.03 to C$4.14, and similarly '25's by C$0.07 to C$4.19. Q1 EPS of C$1.24, vs. C$1.21, beat the consensus view by C$0.09. We think 2024 will ultimately represent a near-term peak in capex spending for TRP (barring major acquisitions). Although near-term demands on cash flow are high, we think it paves the way toward greater free cash flow later in the decade, and TRP's asset divestiture program (now ? complete) should help as well. TRP expects to start service on Coastal Gaslink later this year, and its ability to send natural gas to the Canadian West Coast could prove to be an important supply line to Asia, especially if U.S. regulators continue to block future export permits. Shares yield 10.2%.