UPDATE: Goldman Sachs Downgrades Kinder Morgan (KMI) to Sell
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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."
Shares of Kinder Morgan closed at $19.00 yesterday.
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