TRP: Multi-Year Outlook And Project Execution Will Guide Performance Through 2028

TC Energy's analyst price target has been raised modestly from C$76.68 to C$77.50. This change reflects analysts' increased confidence in the company's multi-year outlook and execution, following supportive recent earnings and guidance updates.

Analyst Commentary

Recent analyst activity surrounding TC Energy highlights both optimism about the company's future growth and sustained caution regarding its longer-term targets and market positioning. Multiple brokerages have adjusted their ratings and price targets following the company's recent earnings updates and forward guidance.

• Bullish analysts view TC Energy's confirmation of fiscal year 2025 guidance and the extension of its outlook through 2028 as evidence of solid management execution and strategic clarity.
• Several price target raises, with some now pegging TC Energy shares as high as C$84, reflect growing confidence in the company's multi-year pipeline of opportunities and potential for upside to medium-term goals.
• Recent upgrades cite a robust set of growth initiatives, suggesting TC Energy is well positioned to capitalize on project execution through the end of the decade.
• The in-line results in the latest quarterly earnings report have reinforced analyst belief in the company's ability to meet or exceed expectations going forward.

• Bearish analysts remain cautious about valuation, with some adjusting ratings down despite recent guidance updates, citing uncertainty in achieving targeted performance beyond the medium term.
• There are concerns that, even with improved execution, market headwinds or regulatory challenges could limit the realization of projected growth targets.
• A downgrade from Outperformer to Neutral by one firm indicates apprehension regarding near-term catalysts and sustained upside potential as already reflected in recent price target increases.

What's in the News

• TC Energy has announced the planned redemption of its Cumulative Redeemable First Preferred Shares, Series 11, effective November 28, 2025, at $25.00 per share. The purpose of this action is to reduce indebtedness and for general corporate purposes (Key Developments).
• The company provided formal notice of the Series 11 Shares redemption on October 9, 2025, to the sole registered holder in accordance with share terms (Key Developments).
• Following the redemption date, Series 11 Shares will no longer be entitled to dividends and will be delisted from the Toronto Stock Exchange (Key Developments).
• Non-registered holders are advised to contact their intermediaries for information on the redemption process for their beneficial interests (Key Developments).

Valuation Changes

• Consensus Analyst Price Target has risen slightly from CA$76.68 to CA$77.50, indicating a modest increase in perceived fair value.
• Discount Rate has edged up marginally from 6.53% to 6.55%, reflecting a minimal shift in risk or cost of capital assumptions.
• Revenue Growth outlook has increased very slightly from 5.69% to 5.71%.
• Net Profit Margin has declined fractionally from 25.30% to 25.28%.
• Future P/E ratio has risen modestly from 21.19x to 21.43x, suggesting a slightly higher market valuation for expected earnings.