UPDATE: Bank of America Raises PO to $58 on Plains All American Post Q4 Outperformance
Bank of America maintained Plains All American Pipeline (NYSE: PAA) with a Buy rating and raised the price objective from $55.00 to $58.00.
Bank of America commented, "We raise our PO to $58 based on a 4.25% target yield on our annualized 1Q14E distribution of $2.46. PAA remains a top pick among large-cap MLPs given its exposure to solid crude oil fundamentals, strong balance sheet, and savvy management team. We also see the potential for our 2013 EBITDA estimate to prove conservative should current robust fundamentals persist longer than expected (we forecast 2% YoY 2013 EBITDA growth), including continued wide crude oil grade differentials."
Plains All American closed at $53.63 on Friday.
Latest Ratings for PAA
|Jun 2016||SunTrust Robinson Humphrey||Initiates Coverage on||Neutral|
|May 2016||JP Morgan||Maintains||Neutral|
|May 2016||Morgan Stanley||Maintains||Equal-weight|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.