UPDATE: Wunderlich Securities Reiterates Buy, $79 PT on Plains All American Pipeline

Wunderlich Securities maintains its Buy rating and $79 target price on Plains All American Pipeline

as total returns continue to look attractive. Wunderlich Securities says, "Plains All American Pipeline, L.P. (

) reported 4Q11 EBITDA of $471 million and DCF of $343 million, which were above our estimates. In addition, the partnership announced 2012 guidance, which, although below our previous estimate, is significantly higher than the 2011 results. We believe the partnership's long-term outlook, core business performance, and coverage ratios continue to look strong. Plains has been a quality investment vehicle for investors in the past and we believe it will continue to be so going forward. We have a Buy rating on Plains units and a $79 price target." PAA closed at $79.03 a share yesterday.