CitiOther changes include: Citi’s Spiro Dounis to $50 from $46 with a “buy” rating. “We expect KEY to grow its fee-based EBITDA by over 6 per cent per year through 2029; that said, we see upside to a nearly 10-per-cent CAGR if excess cash flows are reinvested in the business,” said Mr. Dounis. “More specifically, we expect projects like KAPS Zone 4, KFS II de-bottleneck, and KFS III to cumulatively cost less than $0.8-billion and drive base-line growth of 6 per cent per annum. Through 2029 we expect KEY to generate excess cash flow of $1.7-billion, which if re-invested (or used for M&A) could upgrade the CAGR to nearly 10 per cent. Alternatively, this cash flow could be utilized for share buybacks which could drive double digit EPS growth. KEY currently trades at 10.6 times ‘26 EBITDA which is a modest discount to integrated peers trading closer to 11.0 times. We see room for KEY to upgrade its growth CAGR with the December update.”