Kinetik Holdings initiated with an Outperform at Scotiabank

Scotiabank initiated coverage of Kinetik Holdings (KNTK) with an Outperform rating and $64 price target calling it a “Top Pick” in the group. U.S. energy infrastructure’s year of “deals and data centers” potential drove stocks up and to the right and these themes are “certainly playing out in the companies’ favor,” the analyst tells investors. The firm expects near-term choppy stock price performance for the group as a whole, but resumed coverage of eight companies within the U.S. Midstream sector with “a net positive outlook” as it sees the choppiness eventually giving way to “the constructive backdrop also at play.”