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Fly News Breaks for October 24, 2016
KMI
Oct 24, 2016 | 07:18 EDT
BMO Capital analyst Danilo Juvane upgraded Kinder Morgan to Outperform and raised its price target to $26 from $20. The analyst has increased conviction in the pending approval of the $5.4B Trans Mountain project saying it sets the stage for a "trifecta" that includes a 2019 dividend rebasing to $1.50/share, with 10% growth, coverage of 1.2x, and leverage below 5x. Juvane views Kinder Morgan as a core holding in any midstream portfolio and said shares trade at a discount.
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