Goldman Sachs analyst Michael Lapides upgraded TC Energy to Neutral from Sell given lower balance sheet concerns due to asset sales, a high proportion of EBITDA from its low risk, but solid growth gas pipeline business in Western Canada, and to reflect more accurately historical trading trends. The analyst bases his upgrade on lower equity financing risk given the sale of non-core assets and strategic partnerships on large-scale growth projects, and a higher applied valuation multiple, to more accurately reflect a sustainable premium relative to peers, especially given TC Energy's lower risk business model.