UPDATE: Credit Suisse Initiates Coverage on Plains GP Holdings LP with Neutral Rating, $33 PT on Multiple Factors

In a report published Tuesday, Credit Suisse analyst John D. Edwards initiated coverage on

with a Neutral rating and $33.00 price target. In the report, Credit Suisse noted, “PAGP is a pure-play general partner deriving 100% of its cash flow from its MLP, PAA, a Credit Suisse Top Pick. PAGP is positioned to deliver strong annual distribution growth with a three-year distribution CAGR of ~18%. PAA has demonstrated strength/resilience from diversified fee-based assets, an investment grade balance sheet, strong performance through a variety of mkt. conditions/economic cycles and one of the strongest management teams in the sector.” Plains GP Holdings LP closed on Monday at $30.36.