Kinder Morgan price target raised to $36 from $31 at Jefferies

Jefferies analyst Julien Dumoulin-Smith raised the firm’s price target on Kinder Morgan (KMI) to $36 from $31 and keeps a Hold rating on the shares. The firm believes the investment thesis will “increasingly defined” by Kinder’s project execution and backlog conversion. Following the stock’s recent rally, additional upside is dependent on the company’s execution rather than multiple expansion, the analyst tells investors in a research note.