Deutsche Bank Upgrades Plains All American (PAA) to Buy

October 10, 2016 6:55 AM EDT
Get Alerts PAA Hot Sheet
Price: $32.45 -0.58%

Rating Summary:
    11 Buy, 19 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 14 | Down: 11 | New: 8
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Deutsche Bank upgraded Plains All American (NYSE: PAA) from Hold to Buy with a price target of $37.00 (from $31.00).

Analyst Kristina Kazarian said, "We upgrade PAA to Buy (from Hold) with a $37 PT (from $31) against its CMP of $31 due to higher expected cash flows and improvements from the simplification. Our PT is based off a target yield (6.0% yield on our CY17 DPU estimate of $2.20) and a DDM (7.5% discount rate and 2.0% terminal growth rate, in-line with the industry avg.). Potential downside risks: 1) Further DPU cuts, 2) illiquid / unattractive capital markets, 3) rising rates, 4) lower commodity prices, 5) lower guidance, and 6) unattractive / dilutive M&A."

For an analyst ratings summary and ratings history on Plains All American click here. For more ratings news on Plains All American click here.

Shares of Plains All American closed at $31.13 yesterday.

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