UPDATE: Stifel Nicolaus Raises PT to $55 on Plains All American Pipeline on Strong Demand
Stifel Nicolaus maintained Plains All American Pipeline (NYSE: PAA) with a Buy rating and raised the price target from $50.00 to $55.00.
Stifel Nicolaus commented, "Plains All American is the premier transportation, storage, terminalling and marketing of crude oil and refined products. PAA's Supply and Logistics has been the beneficiary of strong demand for its services as well as wide spreads for crude oil at different hubs and has been driving strong growth in its distributable cash flow. PAA recently revised its distribution growth higher to 9-10% despite being in the high splits. We view this as a core holding in a MLP portfolio."
Plains All American Pipeline closed at $52.23 on Thursday.
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