Plains All American (PAA) PT Raised to $20 at Citi

Citi analyst Spiro Dounis raised the price target on Plains All American (NASDAQ: PAA) to $20.00 (from $18.00) while maintaining a Neutral rating.

The analyst comments "We estimate 2Q25 adj. EBITDA of $672mm, roughly in-line with the $671mm Street mean. We expect sequentially lower EBITDA, primarily driven by seasonally lower NGL results. Higher Crude EBITDA partially offsets, driven by several factors. In addition to volume growth (higher refinery utilization, improved weather), we expect recent acquisitions (Black Knight, Ironwood, Midway) to be a ~$10-$15mm tailwind. Lower crude prices and narrower spreads are likely a headwind on the quarter, although hedges may help mute the impact. Beyond the quarter, we expect PAA to reiterate guidance – management already pointed toward the lower half of the range last quarter in response to a weaker macro environment. We also expect PAA to continue pursuing bolt-on acquisitions and don’t expect that strategy to change ahead of the NGL asset sale closing next year. On that note, we could see some segment noise this quarter driven by accounting adjustments ahead of the sale."

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