Kinder Morgan price target raised to $21 from $19 at Scotiabank

Scotiabank raised the firm’s price target on Kinder Morgan to $21 from $19 and keeps a Sector Perform rating on the shares. The firm expects the company to report a “relatively in-line” quarter, the analyst tells investors. The company should see little impact from weak commodity prices since about 70% of its earnings are locked in via contracting and/or hedging, the firm adds. While no change to guidance is expected at the moment, if the lagging budgets persist into this quarter’s print, the firm wouldn’t be surprised to expect potential commentary around a weaker FY25.