Moving target price to $29 from $25. Moving target price to $29 from $25. Previously in our sum-of-the-parts valuation analysis, we were using discounted multiples to reflect: (1) uncertainty on higher returns from existing assets, (2) higher leverage, and (3) a more muted energy outlook. However, given a clearer growth outlook (with upside potential in the midstream business) and progress made on its de-leveraging plan, we bump our multiples to be more in line with peers. Our utility valuation is based on a 19.5x 2023E income (from 18x), which would be in line with our Fortis and Emera target valuations. We believe that AltaGas’ superior utility rate base growth outlook (high double-digit rate base growth) should offset the assets’ smaller size. For the midstream business we now use a 10.4x EBITDA multiple on our 2023 estimate (up from 9.3x), which would still be a discount to our 10.6x Keyera valuation. We believe AltaGas deserves at least an in-line multiple for its midstream business given its unique asset base in attractive regions and that almost 50% of its EBITDA is driven by take-or-pay or cost of services agreements