The Globe and Mail reports in its Wednesday, Feb. 18, edition that CIBC World Markets analyst Robert Catellier, in response to recent share price appreciation, downgraded TC Energy to "neutral" from "outperformer" with an $85 share target, up from $81. The Globe's David Leeder writes in the Eye On Equities column that analysts on average target the shares at $86. Mr. Catellier says in a note: "We characterize TC Energy's Q4 results as operationally strong, exemplified by the EBITDA beat and delivery records seen across the company's systems in both Canada and the U.S. While the $$600-million of sanctioned capital in the quarter is light, the company currently has $8-billion of projects classified as ;pending approval.' and we believe further FIDs will serve as the next catalyst." The Globe reported on April 22, Oct. 17 and Jan. 13 that TD Cowen analyst Aaron MacNeil was maintaining his "buy" ranking for TC Energy. The shares could then be had for $67.78, $72.10 and $75.54. The Globe reported on Dec. 18 that National Bank Financial analyst Patrick Kenny continued to rate TC Energy "outperform." The shares could then be had for $74.52.