The Globe and Mail reports in its Wednesday, Feb. 18, edition that TD Cowen analyst Aaron MacNeil has downgraded his ratings on Enbridge, Pembina Pipeline and TC Energy from "buy" to "hold" because he believes the investment outlook for Canadian mid-stream energy infrastructure companies has "played out." The Globe's David Leeder writes in the Eye On Equities column that Mr. MacNeil hiked his share target for Enbridge to $58 from $56. He boosted Pembina's share target to $62. from $59. He elevated his share target for TC Energy to $88 from $84. Analysts on average target Enbridge, Pembina Pipeline and TC Energy shares at $73.12, $58.38 and $86. Mr. MacNeil says in note: "In our January, 2026, industry update, we said that companies that provide visibility to long-term growth will trade at a premium. Following strong share price performances year-to-date, we believe that this thesis has played out. As such, we are downgrading Enbridge, Pembina and TC Energy to 'hold' from 'buy' previously. Keyera is our only remaining 'buy' rating in Canadian mid-stream and remains our top pick." He boosted his share target for Keyera to $58 from $56. Analysts on average target Keyera shares at $53.75.