Equitrans Midstream (NYSE:ETRN) shares trade as much as 40% higher on Tuesday after RBC analysts upgraded to Outperform from Sector Perform.

The analysts highlight that the debt ceiling deal will fast-track the Mountain Valley Pipeline (MVP), which is currently held up in the courts. This development is “surprising,” say the analysts in a note to clients.

“We expect the market to place a higher probability that MVP is online by 2024, though the stock can remain volatile pending the MVP language remaining in the debt ceiling bill.”

The price target on ETRN stock is raised to $10 per share to reflect a more optimistic MVP outlook.

The new price target offers a nearly 18% upside from Tuesday’s market price.