The Globe and Mail reports in its Tuesday, Aug. 1, edition that RBC analyst Robert Kwan has reaffirmed his "outperform" recommendation for TC Energy. The Globe's Darcy Keith writes in the Eye On Equities column that Mr. Kwan slashed his share target by $11 to $54. Analysts on average target the shares at $55.74. Mr. Kwan thinks the sell-off in shares of TC Energy has been overdone and value-oriented investors will now be gravitating to the stock. He says the stock is inexpensive. He notes that it is trading at its lowest level in almost 20 years. Mr. Kwan says in a note: "Hard to ignore the value; we believe some investors will gravitate to what is close to becoming a single digit P/E. While we recognize the shift in investor sentiment given the lacklustre valuation received for the company's 40-per-cent stake in Columbia, an asset that many viewed as a premium business, as well as uncertainty with respect to the proposed spin-off of the liquids pipelines assets, we point to the shares trading at roughly 10.5 times our 2024E earnings per share. This level represents a new low since 2005." The Globe reported on Feb. 3 that Mr. Kwan kept TC Energy at "outperform" when it could be had for $56.05.