Cormark.


As we view this announcement as substantially eliminating our concerns about the structuring of the work on the TMX expansion that underpins our NPV-based $4.50 target price on Macro, we are raising our recommendation on the stock to Buy from Buy (S) previously. While new Western Canadian pipeline project visibility is limited longer-term, we believe that scope expansions on Macro's current book of business could see meaningful upside to our forecast for 2022.