As previously reported, TD Securities downgraded TC Energy to Hold from Buy with a price target of C$50, down from C$62, after the company announced its plan to spin off its Liquids Pipeline business. The benefits of consolidating the three natural gas country regions into one large group likely could have been achieved within the existing larger organization and the extent of the value creation from a spinoff is “unclear,” the analyst argues. The firm no longer views CGL completion or further asset sales as a potential positive catalyst, the analyst added.
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