On the glass-half-full side ...Scotiabank has "sector outperform" on TA: Though TA has no visible growth until 2017/18 (Australian power and Sundance PPA roll-off), investors may start to recognize that growth later next year. Even if the later-decade growth is not recognized, the shares could move higher on yield and the absence of more unanticipated bad news, in our opinion. And, trading at a 27% discount to our NAV a break-up or take-out are possibilities. We maintain our SO rating and $14 TP.