TC Energy upgraded to Outperformer from Neutral at CIBC

In a Q1 energy infrastructure preview, CIBC upgraded TC Energy (TRP) to Outperformer from Neutral with a price target of C$89, up from C$85. The firm sees Q1 as an “unusual period in which the marketing outlook may be significantly detached from reported results, driven by the Iran conflict and its impact on commodity prices,” and believes this may “drive incremental demand for North American infrastructure over the long term, as customers seek to diversify away from the Strait of Hormuz risk.” CIBC upgraded TC Energy, citing higher expected returns from recent projects.