10:45 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:

Our 12-month target price of US$45, up US$1, 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%, and a WACC of 6%, yields a value of US$45. 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.