Wunderlich Securities Maintains Hold Rating and $18.50 PT on PAA Natural Gas Storage

A report from Wunderlich Securities reiterates its Hold rating and $18.50 price target on PAA Natural Gas Storage

. The report states, “PAA Natural Gas Storage, L.P. (

) reported adjusted 3Q11 EBITDA of $27 million and DCF of $25 million, which were above our estimates. In addition, the partnership announced updated 2011 guidance and preliminary 2012 guidance. The partnership is operationally sound and has good assets, but weakness in the natural gas storage business is likely to continue, resulting in muted distribution growth." PNG closed yesterday at $17.52.