UPDATE: Global Hunter Securities Upgrades Plains All American Pipeline to Buy
Global Hunter Securities raised its rating on Plains All American Pipeline (NYSE: PAA) from Accumulate to Buy and raised its price target from $84 to $94.
Global Hunter Securities commented, "Q2:12 results were in line with previously increased guidance, representing a very strong quarter for the MLP. PAA continues to announce what we view to be attractive organic growth projects. These contracted and largely fee-based projects give us increased confidence that PAA will continue to operate at a distribution coverage ratio well in excess of what is necessary to comfortably run its business (1.5x expected for 2012)."
Plains All American Pipeline closed at $86.15 on Tuesday.
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