Credit Suisse Reiterates on Kinder Morgan Energy Partners

In a report published Thursday, Credit Suisse analyst John Edwards reiterated Outperform on

, keeping its $90.00 price target. According to the report, the analyst's target price is based on their three-stage DDM with 5.1 percent distribution growth over the first five years, 2 percent growth over the second 5 years, and a 1.0 percent terminal rate discounted at 8.5 percent. “KMP reported 4Q results Wednesday AMC that met CS estimates on DCF/unit but missed on EBITDA. KMP reported EBITDA of $1.424B vs. $1.494B CS and $1.429B consensus,” the report noted. “DCF/unit was $1.44 vs. $1.45 CS and $1.48 consensus. KMP's segments came in at $1.535B vs $1.591B estimated with Natural Gas Pipelines and Terminals lagging and the other segments in line. KMP declared a distribution of $1.36, $0.01/unit shy of the Street but in line with our estimate. KMP's increased distribution represents an ~7% increase over KMP's 4Q:12 distribution.” KMP closed Wednesday at $80.53.