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.
Confident Investing Starts Here:
- Quickly and easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks straight to you inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on KMI:
- Kinder Morgan share price weakness a buying opportunity, says Argus
- Kinder Morgan price target raised to $26 from $25 at Scotiabank
- Kinder Morgan to Release Updated Investor Presentation
- Kinder Morgan’s Earnings Call Highlights Robust Growth
- Kinder Morgan’s Strategic Growth and Resilience Underpin Buy Rating