RE:From the G&M in the Analysts upgrades ...Here are the full comments from todays Globe and Mail.
ATB Capital Markets’ Nate Heywood lowered his
Keyera Corp. (
KEY-T +1.72%
increase) target to $35 from $36 with an “outperform” rating. Other changes include: BMO’s Ben Pham to $33.50 from $34 with a “market perform” rating, Raymond James’ Michael Shaw to $32 from $35.50 with a “strong buy” rating, D Securities’ Linda Ezergailis to $36 from $38 with a “buy” rating, National Bank’s Patrick Kenny to $34 from $35 with an “outperform” rating, RBC’s Robert Kwan to $36 from $37 with an “outperform” rating and CIBC’s Robert Catellier to $33 from $34 with an “outperformer” rating. The average is $34.42.
“While we acknowledge the negative sentiment associated with yet another cost overrun for KAPS, the reality is that the most recent cost overrun amounts to less than $0.50/share in value with no funding concerns given Keyera’s liquidity and strong leverage metrics. Cutting through the short-term KAPS noise, Keyera’s underlying business is performing well and Keyera is highly levered to our favoured midstream sector theme being future WCSB volume growth. While we acknowledge the stock may be range bound until KAPS is complete in Q1/23, we believe patient investors will be rewarded when the dust settles,” said Mr. Kwan.