JP Morgan upgraded its rating on Kinder Morgan KMI from Neutral to Overweight and increased its price target from $34 to $39.
JP Morgan noted, "With the successful completion of a sizeable $6.2bn initial KMP drop-down and the supporting equity issuance, we are updating our thesis and estimates to reflect what we believe is a favorable risk/reward proposition at KMI. As such, we are raising our PT to $39 and rating to Overweight. After acquiring El Paso, Kinder Morgan is now the third-largest domestic energy company, with a combined corporate family EV of ~$100bn. We believe that this level of scale, diversification, growth and stability makes KMI a core holding for investors seeking exposure to the significant energy infrastructure build-out necessitated by expanding unconventional production."
Kinder Morgan closed at $34.49 on Wednesday.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in