The Globe and Mail reports in its Friday, Oct. 10, edition that CIBC World Markets analyst Robert Catellier, citing valuation concerns, downgraded Enbridge and TC Energy to "neutral" from "outperformer." The Globe's David Leeder writes in the Eye On Equities column that Mr. Catellier advanced his share target for Enbridge by $2 to $70. He boosted his share target for TC Energy by a loonie to $77. Analysts on average target Enbridge and TC Energy shares at $67.58 and $73.09. Mr. Catellier says in a note: "Based on recent share price performance and lower returns to target, we are [downgrading Enbridge and TC Energy] on valuation. While both have respectable growth rates and opportunities, both are trading at relatively high multiples relative to 2026 and 2027 forecasts. We believe both Enbridge and TC Energy could see yield support in this renewed rate cutting cycle and grow into more attractive valuations given enough time, in light of their exposure to the U.S. gas infrastructure build-out. Returns to our revised targets now favour companies with higher expected growth rates, such as Keyera and Brookfield Infrastructure Partners."