UPDATE: Credit Suisse Reiterates Outperform Rating, Raises PT on Plains All American Pipeline LP Following Diamond Pipeline Construction Announcement

In a report published Friday, Credit Suisse analyst John Edwards reiterated an Outperform rating on

, and raised the price target from $66.00 to $67.00. In the report, Credit Suisse noted, “PAA announced that it will construct a 440-mile, 20-inch crude pipeline with up to 200 MBpd of capacity flowing from Cushing to Valero's Memphis refinery. The project, dubbed the Diamond Pipeline, is expected to be completed by late 2016 and is underpinned by long-term agreements with Valero, who holds an option to purchase a 50% interest until Jan 2016.” Plains All American Pipeline LP closed on Thursday at $58.50.