Deutsche Bank Upgrades Plains All American (PAA) to Buy
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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."
Shares of Plains All American closed at $31.13 yesterday.
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