While no definitive milestones were reached at Sunday’s meeting between the prime minister and the premiers of B.C. and Alberta, we nevertheless view it as a positive data point for Kinder Morgan Canada’s Trans Mountain Expansion Project (TMEP). The federal government reiterated its support for the project, and the prime minister once again stated that the project will get built and that this year’s construction season (which is likely required for the project to make its timeline) will be made. Kinder Morgan Canada’s shares were very volatile last week following its announcement that it would stop non-essential spending, but the shares rallied through the week off the Monday lows as the market gained greater confidence in TMEP. We maintain our bias that the pipeline gets built, and Sunday’s events were supportive of this view. We reiterate our Sector Outperform rating and $23 target price.