Barclays Maintains an 'Overweight' on Plains All American (PAA); Positive 3Q Earnings Preannouncement

Barclays maintains an 'Overweight' on Plains All American (NYSE: PAA) price target of $70.00.

Barclays analyst says, "Another beat and favorable crude oil infrastructure backdrop support our OW rating on PAA. Combining the positive preannouncement, favorable organic growth opportunity set and ample liquidity, we think PAA is well positioned to deliver approximately 5% distribution CAGR over the next three years Amid macro uncertainty, we believe the defensive posture of PAA offers an attractive risk-reward proposition. As one of the largest crude oil infrastructure MLPs, PAA not only has high cash flow stability but also solid growth visibility from exposure to emerging crude oil shale plays and wide crude oil price differentials."

Barclays raises FY11 EPS estimate from $4.08 to $4.40 and FY12 from $3.85 to $3.90.

For more ratings news on Plains All American click here and for the rating history of Plains All American click here.

Shares of Plains All American closed at $58.31 yesterday.

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