UPDATE: Deutsche Bank Raises Target to $45 on Kinder Morgan
Deutsche Bank increases its price target to $45, up $5, on Buy-rated Kinder Morgan (NYSE: KMI), to reflect acquisition-related growth prospects.
Deutsche Bank says, "Raising target price to $45 based on the prospects for growth enhancements via dropdowns from the soon-to-close acquisition of El Paso, the financial benefits flowing through to KMI from the EP NOL and an expectation that the KMI dividend will be raised later this year from the current annualized rate of $1.24 to a range of $1.40-$1.48 per share. We expect the EP acquisition to close in the second half of May 2012 following the closing of the sale of the EP exploration and production business for $7.15 billion that was announced on February 24, 2012 and is expected to close just after May 9, 2012."
KMI closed at $39.10 a share yesterday.
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