Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
In a bid to reduce costs, Plains All American Pipeline, L.P. (NYSE: PAA) announced that it had entered into a simplification transaction with Plains GP Holdings LP (NYSE: PAGP). The rally in shares following the announcement comes as a surprise, Credit Suisse’s John Edwards said in a report. He maintained Neutral ratings on both the stocks.
Price Target Changes
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The price target for Plains All American Pipeline has been raised from $26 to $32, while that for Plains GP Holdings has been raised from $11 to $12.
Rally Post Simplification Announcement
Plains All American Pipeline’s units climbed 10.63 percent, to $29.65, while Plains GP Holdings rose nearly 12 percent to $11. The rally appears “excessive,” since shares had already reached near fair value in anticipation of the announcement, analyst John Edwards noted. He added, “So we believe there was more to the rally than a mere short squeeze.”
Raising Estimates
Management indicated that Plains All American Pipeline now had “more levers to pull” than previously, while adding that the model would likely show “the dynamic nature of the changing markets and the growing cash flow that we have.” Edwards raised the EPS estimates for FY1, FY2 and FY3 from $1.61 to $1.78, from $2.30 to $2.37 and from $1.99 to $2.65, respectively.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.