UPDATE: Wunderlich Downgrades PAA Natural Gas Storage to Hold

Wunderlich is out with its report today on PAA Natural Gas Storage

, downgrading PNG from Buy to Hold. In its report, Wunderlich writes, "We are downgrading our rating on PAA Natural Gas Storage, L.P. to Hold from Buy based on a reduced outlook for the partnership's long-term distribution growth. Given the weakness in the natural gas storage business, we are concerned that the partnership may not realize benefits from its business model, resulting in weaker distribution growth than we had previously forecasted. Wunderlich lowers its PT from $24.50 to $18.50. At the time of posting, shares of PNG were trading at $16.72, up 0.42% from Thursday's close.