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Fly News Breaks for May 3, 2018
TCP
May 3, 2018 | 07:39 EDT
As reported earlier, RBC Capital analyst T.J. Schultz downgraded TC PipeLines to Sector Perform from Outperform and lowered his price target to $32 from $45. The analyst cites the company's dividend cut announced yesterday, adding that the conversion in its status to a C-Corp only "partially mitigates" its reduced cash flows. Schultz expects TC PipeLines to be in debt management mode for a while, with some time to pass until it can consider potential organic growth options.
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