- Plains All American Pipeline (PAA -0.3%) and Plains GP Holdings (PAGP +0.1%) are both upgraded to Neutral from Underperform at Baird, which says the new ownership and governance structure is simpler and leaner, and the distribution cuts are credit positive and sustainable.
- Baird, which raises its price target on PAA to $30 from $14 and on PAGP to $12 from $5, says it holds PAA's execution capability in high regard and models above-market Permian volume capture and below-market declines elsewhere.
- But Wunderlich's Jeff Birnbaum thinks investors may be too optimistic about the near-term benefits of the simplification move, keeping his Hold rating on both units as "the stocks are already pricing in a significant cash flow recovery where there could still be substantial choppiness along the way."
Plains All American, Plains GP upgraded at Baird
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