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UPDATE: Bank of America Raises PO to $58 on Plains All American Post Q4 Outperformance

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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

DateFirmActionFromTo
Jun 2016SunTrust Robinson HumphreyInitiates Coverage onNeutral
May 2016JP MorganMaintainsNeutral
May 2016Morgan StanleyMaintainsEqual-weight

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Posted-In: Bank of AmericaAnalyst Color Price Target Analyst Ratings

 

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