Wells Fargo Downgrades Plains All American (PAA) to Market Perform

Wells Fargo downgraded Plains All American (NYSE: PAA) from Outperform to Market Perform but raises its valuation range from $47-$49 to $51-$54 citing valuation.

The firm comments, "We're downgrading PAA to Market Perform from Outperform primarily due to valuation. Since November 2011, PAA is up 55.0% compared to 16.0% for the Wells Fargo MLP Index (and 19.2% for the S&P 500). While we are increasing our valuation range to $51-54/unit from $47-49/unit to reflect an increased distribution growth rate, this upside is mostly reflected in the current valuation, in our view. PAA remains best positioned among the crude oil logistics players to capitalize on the resurgence in domestic crude oil production and resulting price, location, and grade differentials that have developed, in our view."

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 $51.57 yesterday.

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