Credit Suisse Downgrades Kinder Morgan (KMI) to Neutral

Credit Suisse downgraded Kinder Morgan (NYSE: KMI) from Outperform to Neutral with a price target of $39.00.

Analyst J. Edwards commented, " The commodity price fall and the rise in the cost of capital prompted management to back off from 10% dividend growth CAGR through 2020 starting with a cut next year to the 6-10% range. While 10% LT is possible, the $2B+ of excess contemplated with Project Fusion is mostly gone. In response, we are cutting our growth assumption to 2020 by ~310bp/year to 6.9% and cutting our TP to $39 and our rating to Neutral. We don't think investors should be too surprised by the reduction."

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 $31.42 yesterday.

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