RBC Capital raised the firm’s price target on Kinder Morgan (KMI) to $28 from $27 and keeps a Sector Perform rating on the shares. The company recently reported Q1 results that were in line with consensus expectations and announced an additional $900M of growth projects, bringing its backlog to $8.8BNnet of projects placed into service, the analyst tells investors in a research note. RBC believes Kinder Morgan remains well-positioned for long-term growth given its backlog and strong balance sheet while it weathers near-term economic uncertainty, the firm adds.
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