Credit Suisse analyst J. Edwards reiterated a Neutral rating and cut its price target on Kinder Morgan (NYSE: KMI) to $18.00 (from $25.00) after the company lowered its dividend 75%.

Edwards commented, "We expect to see more selling in KMI shares in the wake of the announcement to cut the dividend by ~75%, to $0.50/share. We understand the management desire to drastically reduce dependence on capital markets. None-the-less, we believe that, while a 75% cut was contemplated, it was not expected. A 50% cut to $1/share was widely expected. "

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Shares of Kinder Morgan closed at $15.72 yesterday.