The Globe and Mail reports in its Tuesday, July 28, edition that Industrial Alliance Securities analyst Elias Foscolos expects the market to largely ignore the second quarter financial results of TSX-listed energy pipeline companies. The Globe's David Leeder writes that Mr. Foscolos says the impact of the "COVID-19 induced economic coma" will be visible "to varying degrees" after seeing little evidence in the previous quarter. Ahead of the kickoff of earnings season, Mr. Foscolos lowered TC Energy to "hold" from "buy" after eliminating the upside from the Keystone XL project from his model. His target price for TC Energy shares slid to $68 from $70. Analysts on average target the shares at $72.09. Mr. Foscolos says in a note: "TRP's exposure to oil pipeline is relatively low compared with other companies within this sub-sector and as a result, the impact of reduced oil production is likely to be muted. ... Just a couple of weeks after Keystone XL received FID with funding from the Alberta government, a Montana court ruled against the current permitting process. Furthermore, presidential democratic candidate Joe Biden has gone on record stating that should he be elected, he will put a stop to the pipeline."