Deutsche Bank Upgrades SemGroup (SEMG) to Buy; New Options After Plains All-American Withdraws

Deutsche Bank upgraded SemGroup (NYSE: SEMG) to Buy.

Deutsche analyst said, "Yesterday, Plains All-American (NYSE: PAA)(Hold, TP $82) announced that it had notified SEMG management that it was withdrawing its long-standing $24 per share bid to acquire SEMG. We have long regarded the bid as inadequate to the value of SEMG, which hasn’t traded below $24 since the bid was made, but adopted a cautionary stance with the view that SEMG’s share price had to catch up fundamentally to the speculative valuation it received."

For an analyst ratings summary and ratings history on SemGroup click here. For more ratings news on SemGroup click here.

Shares of SemGroup closed at $29.90 yesterday.

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