The Globe and Mail reports in its Friday edition that TC Energy's plan to split into two separate companies is getting a mostly negative reaction. The Globe's Darcy Keith writes that TC Energy plans to spin off its liquids pipelines business from its natural gas and low-carbon energy operations. BMO cut its target price to $55 from $60 as it downgraded its rating to "market perform" from "outperform." BMO analyst Ben Pham, who has taken a negative view of the move, says in a note: "Our TC Energy thesis changes somewhat following the liquids separation announcement. Previously, we believed valuation would rise on asset sales/debt reduction and as CGL [Coastal Gaslink project] concerns ease. Now we believe share performance will be driven by perceived value of the two separate entities, and while nat gas/power could trade at a healthy valuation, we are doubtful liquids will. As such, we are not yet convinced the separation will add value. Instead, we believe it will detract for now." The Globe reported on June 2, 2021, that Mr. Pham continued to rate TC Energy "outperform." It was then worth $62.11. The Globe reported on July 26, 2023, that National Bank rated TC Energy "sector perform" when it was worth $48.50.