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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Dennis Roth who wrote (158674)	10/20/2011 10:12:56 AM
From: Dennis Roth	1 Recommendation Respond to of 206097

Kinder Morgan (KMP & KMI) KMP Operations In-Line, Focus on KMI / El Paso Merger 20 October 2011 ¦ 18 pages citigroupgeo.com Maintaining Neutral — Following results for the quarter we are slightly increasing our KMP EBITDA estimates by ~1% and are maintaining our neutral stand on both KMI and KMP. While the business mix for both entities stands to benefit from the El Paso transaction, execution and de-levering KMI will remain paramount. We are raising our target price for KMP to $72.50 as we roll forward our estimates by one quarter. ---- Targa Resources Partners & Corp NGLS 3Q Prelim Results Miss, FY11 & FY12 Guidance in Line, & Processing Plant Announced, Buy; TRGP Guidance Positive, Buy 20 October 2011 ¦ 20 pages citigroupgeo.com Maintain Buy — We are maintaining a Buy rating on NGLS, due to the 3Q miss being a result of one-time issues and not materially impacting our view on the partnership. Fundamentals remain strong, while expansion projects provide continued growth. We view the partnership as undervalued considering its growth opportunities and better than average yield of 6.4%. Our $41.00 target price is based on the partnership achieving distribution growth of 7.5% and the units trading at a yield of 6%.