Plains GP Holdings, L.P (PAGP) PT Raised to $23 at Stifel
Stifel analyst Selman Akyol raised the price target on Plains GP Holdings, L.P (NASDAQ: PAGP) to $23.00 (from $22.00) while maintaining a Buy rating.
The analyst comments "As one of the largest transporters of Permian crude, Plains should be well positioned to capture incremental volumes over the next several years. Furthermore, we believe PAA’s JV with Oryx should allow for additional secured barrels to flow on PAA’s long haul pipes longerterm. Plains’ financial profile has improved considerably over the past couple years and recently increased its distribution by ~20%. Moving forward, we continue to expect Plains to generate significant FCF which will aid in returning incremental capital to stakeholders."