Shares of Pembina Pipeline (PBA) rose 4.4% on Monday. Wells Fargo issued a rare double-upgrade for the stock, moving it from Underweight to Overweight. The bank increased its price target to C$76 from C$55.
Analyst Praneeth Satish cited a multi-decade growth runway in the Western Canada Sedimentary Basin (WCSB). Regional production could increase by approximately 2 million barrels per day by 2040. This projected output is expected to drive significant demand for Pembina's pipeline services.