Kinder Morgan upgraded to Equal Weight from Underweight at Morgan Stanley

Morgan Stanley upgraded Kinder Morgan to Equal Weight from Underweight with an unchanged price target of $24. In Q3, the energy group has lagged the market by 10% as softening oil prices, slowing inflation, and potential interest rate cuts “all present headwinds for performance,” the analyst tells investors in a research note. In this backdrop, the firm remains selective and continues to prefer defensive sub-sector positioning among midstream and majors. Morgan Stanley favors gas over oil in exploration and production. It made rating changes in the group after revisiting the setup across the North American energy sector.