The Globe and Mail reports in its Thursday, March 19, edition that TD Cowen analyst Aaron MacNeil is sticking with his "hold" call on South Bow. The Globe's Darcy Keith writes in the Eye On Equities column that Mr. MacNeil gave his share target a $2 boost to $42 (all figures Canadian unless otherwise stated). Analysts on average target the shares at $30.21 (U.S.). Mr. MacNeil says in a note: "South Bow reported Q4/25 EBITDA of $252-million, slightly above our/consensus estimate of $249-million to $250-million. Our relatively unchanged go-forward estimates reflect management's unchanged 2026 guidance and Q4/25 results. However, we are reducing our 2026 growth capital spending estimate to $75-million, from $110-million previously. Since RBN Energy's blog on the affiliated Bridger project on Feb. 23, 2026, South Bow's share price has increased by about 8 per cent, outperforming its North American crude-oil-weighted peer group of about 2 per cent. As such, we believe that investors are actively incorporating value for this project. Importantly, we believe that this is premature, given the early stage of this project, what we believe are many obstacles yet to overcome before a positive FID is reached."