Wells Fargo on Plains All American (PAA) After Meeting Management: More Bullish Than Ever; Distribution Growth

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Wells Fargo maintains an 'Outperform' on Plains All American (NYSE: PAA) price target range raised to $85-$88 (from $79-$82)

Analyst, Michael Blum, said, "We hosted PAA management for a nondeal road show in the Midwest on July 10 and 11. Management is as bullish as we’ve ever heard it given a very favorable fundamental backdrop (growing oil production) and multiyear
visibility for growth. With U.S. crude oil production set to increase substantially over the next several years, PAA is among the best positioned to capitalize on this trend."

"Distribution growth is poised to accelerate to a range of 7-9% over the next five years supported by organic growth opportunities, a resurgence in domestic crude production, and a strong balance sheet. About 80% of PAA's distrib. is tax deferred."

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 $83.68 yesterday, with a 52 week range of $54.90-$84.48.

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