UPDATE: Morgan Stanley Upgrades Plains All American (PAA) to Overweight

October 4, 2016 7:55 AM EDT
Get Alerts PAA Hot Sheet
Price: $31.50 +0.38%

Rating Summary:
    11 Buy, 19 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 21 | Down: 31 | New: 25
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(Updated - October 4, 2016 11:51 AM EDT)

Morgan Stanley upgraded Plains All American (NYSE: PAA) from Equalweight to Overweight with a price target of $37. Analyst Tom Abrams highlighted dominant market share, underutilized capacity, and a reasonable valuation.

"We see PAA as an attractive name in our coverage universe given its Permian basin positioning, with dominant gathering market share and underutilized assets that will benefit from increasing Permian crude production. Inside, we detail our view of when we expect PAA to capture its well-advertised $1 billion EBITDA from cyclical volume improvement; In summary, we forecast that by 2019 PAA will realize twice the EBITDA uplift from additional capacity utilization compared to what is baked into current consensus," said Abrams.

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 $30.95 yesterday.



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