UPDATE: Credit Suisse Raises PT to $97 on Plains All American Pipeline LP

Credit Suisse reiterated its Outperform rating on Plains All American Pipeline LP

and increased its price target from $93 to $97 following a beat on quarterly results. Credit Suisse commented, "We are lowering our target yield range by 25 bps to 4.5%-5% and raising our TP by $4 to $97. We believe that PAA's above average distribution growth outlook and solid coverage ratios justify a lower target yield. Assuming $4.49/unit in distributions over the next 12 months implies that PAA has 12 month total return potential of 12-24%, keeping us at Outperform." Plains All American Pipeline LP closed at $86.45 on Tuesday.