UPDATE: Wunderlich Securities Raises Target to $86 on Plains All American Pipeline

Wunderlich Securities maintains its Buy rating on Plains All American Pipeline (NYSE: PAA) and raises its price target to $86 from $79 on long term outlook.

Wunderlich Securities says, "We are increasing our price target on Plains All American Pipeline, L.P. (PAA) to $86/unit from $79/unit as we believe the partnership's long-term outlook, core business performance, and coverage ratios argue for a lower required rate of return. Over the last several months, the partnership has made a series of announcements that we believe support our investment thesis. We reiterate our Buy rating on PAA shares."

PAA closed at $81.51 on Wednesday.