The Globe and Mail reports in its Thursday, Feb. 21, edition that Inter Pipeline ($21.26), despite currently possessing a "premium" valuation, now has a "discounted" outlook, says Raymond James analyst Chris Cox in the wake of its quarterly results. The Globe's David Leeder writes that Mr. Cox continues to rate the shares "underperform." Mr. Cox reduced his share target to $20 from $23. Analysts on average target the shares at $25.31. Mr. Cox says in a note: "While headline results were consistent with Street expectations, the weakness exhibited in the Conventional Pipelines segment deserves greater attention than strong results in NGL Processing, both due to the quality of the respective cash flows, and in the context of the noticeable decline in frac spreads into 2019. If weakness in the Conventional Pipelines segment persists, and unless frac spreads show a return to strength, we believe the funding outlook for the Heartland Petrochemical Complex may not be as rosy as Management has recently been conveying to the market. In any event, our broader concerns with the story focus on the ability of the company to garner a sufficient level of contracting to support the investment in the Heartland project."