TD Cowen says natgas optimism fuels midstream valuations, supply concerns linger

** TD Cowen says market continues to reward North American midstream growth, evidenced by expanding core profit multiples alongside increasing capex budgets

** Adds that investors are differentiating between optimism on natgas, demand-pull growth and caution on supply-push growth

** TD Cowen adds that Canadian midstream valuations are above 10-year average on near-term catalysts, long-term growth, and attractive yields; U.S. natgas levered names are also above average

** "Limited market access can have meaningfully negatively consequences for Canadian producers, and we believe that Canadian midstream is much better positioned with supply push leverage as a consequence," - brokerage

** For Q3 earnings, brokerage is constructive on TC Energy TRP, Cheniere Energy LNG and bearish on Enterprise Products Partners EPD

TD Cowen changes price target on the following companies: