UPDATE: Goldman Sachs Downgrades Kinder Morgan (KMI) to Sell

June 13, 2021 7:51 PM EDT
Get Alerts KMI Hot Sheet
Price: $16.16 -1.34%

Rating Summary:
    6 Buy, 20 Hold, 4 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 8 | Down: 8 | New: 9
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(Updated - June 14, 2021 2:20 AM EDT)

Goldman Sachs analyst Michael Lapides downgraded Kinder Morgan (NYSE: KMI) from Neutral to Sell with a price target of $15.00 (from $14.00).

The analyst comments "We downgrade Kinder Morgan Inc. (KMI) to Sell from Neutral, largely a relative valuation call, as we expect shares to lag large-cap midstream peers in 2H2021 with more upside elsewhere in our coverage. KMI’s shares are up 39% YTD compared to large-cap peers up 38% and the AMNA index up 41%, which we attribute to an improving outlook for refined products demand as well as the broader value rotation. However, we believe KMI has outpaced a reasonable valuation level relative to its peers and its history as shares now trade at 11x 2022E consensus EBITDA - 1x above history - and at a 1x premium to large-cap peers compared to a -0.5x-1.0x discount historically."

For an analyst ratings summary and ratings history on Kinder Morgan click here. For more ratings news on Kinder Morgan click here.

Shares of Kinder Morgan closed at $19.00 yesterday.


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