Deutsche Bank Upgrades Plains GP Holdings, L.P (PAGP) to Buy
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Deutsche Bank upgraded Plains GP Holdings, L.P (NYSE: PAGP) from Hold to Buy with a price target of $15.00 (from $13.00).
Analyst Kristina Kazarian said, "We upgrade PAGP to Buy (from Hold) with a $15 PT (from $13) against its CMP of $13 due to higher expected cash flows at PAA + assuming a slow premium from its c-corp currency (broader investor base). Our PT is based off a target yield (5.5% yield on our CY17 DPU estimate of $0.83) and a DDM (7% discount rate and 2.0% terminal growth rate, in-line with the industry avg.) – at a slight discount to PAA as PAGP will remain a c-corp tracking stock. Potential risks are the same as PAA."
Shares of Plains GP Holdings, L.P closed at $13.03 yesterday.
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