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Plains All American Pipeline (PAA +0.4%) is downgraded to Neutral from Outperform at Credit...

Plains All American Pipeline (PAA +0.4%) is downgraded to Neutral from Outperform at Credit Suisse on valuation after posting Q1 results that "crushed" estimates. The firm raises its outlook to a three-year CAGR of 11% as PAA builds out its fee-based business. PAA took advantage of favorable spreads to record $3.95/bbl margins in its S&L segment but is guiding to $1.19/bbl margins for Q2 and $1.15 for H2.
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