UPDATE: Wunderlich Securities Reiterates Buy Rating, Raises PT on Plains All American Pipeline LP
In a report published Monday, Wunderlich Securities reiterated its Buy rating on Plains All American Pipeline LP (NYSE: PAA), and raised its price target from $48.50 to $52.00.
Wunderlich Securities noted, “We are increasing our price target on Plains All American Pipeline, L.P. (PAA) to $52/unit from $48.50/unit as we have updated our distribution discount model. The partnership announced its fourth quarter distribution and revised distribution growth target for 2013. Plains is in the enviable position of owning its assets in areas that need further energy infrastructure development. The partnership's strong fee-based business, coverage ratios, and inventory of growth projects are indications the partnership is well-positioned for growth. 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.”
Plains All American Pipeline LP closed on Friday at $47.58.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.