Raymond James analyst Michael Shaw downgraded Keyera to Outperform from Strong Buy with a C$32 price target, after Pembina announced it has sold the 50% working interest in the KAPS pipeline, operated by Keyera, for $663M. In time, Shaw expects the valuation for KAPS will look very attractive, and expects KAPS will be well-positioned to capture incremental production volumes from a growing market, improving the economics of the pipeline, the analyst tells investors in a research note.
Published first on TheFly
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