The Globe and Mail reports in its Wednesday, June 18, edition that TD Cowen analyst Aaron MacNeil has downgraded Gibson Energy to "hold" from "buy." The Globe's David Leeder writes in the Eye On Equities column that Mr. MacNeil, however, boosted his share target by a loonie to $25. Analysts on average target the shares at $25.33. Mr. MacNeil says in a note: "Our previous investment thesis for Gibson was based on value recognition for marketing normalization as well as 2025 capital spending and follow-on growth in infrastructure performance. This has now occurred, in our view. Note that following the Q4/24 weakness, we upgraded Gibson to 'buy,' with a view that investors were not properly incorporating a recovery in marketing and a meaningful uplift in Gateway volumes in 2026. Gibson is currently trading at a 2026 estimated EV/EBITDA multiple of 9.5 times, relatively in line with its 10-year mean of 10 times. Our updated estimates contemplate a 7.5-per-cent year-over-year increase in infrastructure segment EBITDA, reflecting an 20-per-cent uplift in Gateway volumes from 2024 levels (dredging/Cactus II projects). ... The prevailing share price now prices in a clear path to normalization for Gibson's marketing segment."