UPDATE: Credit Suisse Reiterates Outperform Rating, Lowers PT on Kinder Morgan Energy Partners
In a report published Wednesday, Credit Suisse Group reiterated its Outperform rating on Kinder Morgan Energy Partners LP (NYSE: KMP), but slightly lowered its price target from $93.00 to $92.00.
Credit Suisse noted, “Based on a conversation with the company, we believe the long-term distribution growth outlook of 7% CAGR for 2011-2015 remains intact. The growth in 2013 we believe is more a function of the natural demarcation of dropping down particular assets from KMI - not a change in the overall growth trajectory. KMP still has approximately $11B in identified growth projects for the next 5 years and is planning $2.8b in growth cap ex in 2014, well ahead of the $1.7b we had assumed.”
Kinder Morgan Energy Partners LP closed on Tuesday at $79.42.
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