TD

POSITIVE.
We have updated our forecasts to include OMNI, which is expected to be
18% accretive to free cash flow. We are also increasing our dividend forecasts
given that the company announced an increase in the dividend to $1.04/share
from $1.00/share following the closing of the acquisition.
Our target price increases to $27.00 from $25.00 to reflect our higher
forecasts, partially offset by lower target valuation multiples given our view
of the increased risk profile of Gibson following the acquisition of OMNI.

 

Gibson Energy : UBS raises target price to C$29 from C$27; rating buy