UPDATE: Canaccord Genuity Upgrades Pembina Pipeline; Raises PT

According to a research report published this morning, Canaccord Genuity has upgraded Pembina Pipeline

from Hold to Buy, and raised PT from $30 to $33. In the report, Canaccord Genuity commented, "Pembina Pipeline reported strong first quarter normalized cash flow of $0.59 per share, more than a dime above expectations. Excluded from the cash flow number is $21.1 million ($0.13 per share) of acquisition expenses related to the purchase of Provident Energy Ltd. The higher than expected cash flow was a result of strong operating performance in all four of the company's operating divisions. Of note was a 20% increase in throughput volumes on the Conventional Pipelines business over the same period last year and a 10% increase over Q4/2011." Pembina Pipeline closed yesterday at $29.84.