RBC Capital analyst Elvira Scotto initiated coverage of Kinetik Holdings with an Outperform rating and $40 price target. Kinetik is a pure-play Permian Basin focused midstream company that is well positioned for growth, the analyst tells investors in a research note. The firm expects the company to continue to gain share given its high quality assets and pipeline connectivity. In addition, Kinetik is poised to generate meaningful free cash flow growth in 2024 and continue to improve its balance sheet, says RBC. It also views the company as a “logical acquisition target.”
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