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Plains All American upgraded, ONEOK downgraded at Morgan Stanley

  • Plains All American Pipeline (PAA -1.5%) is upgraded to Overweight from Equal Weight, and ONEOK (OKE -3.9%) is downgraded to Equal Weight from Overweight at Morgan Stanley.
  • PAA looks attractive, “given its Permian basin positioning, with dominant gathering market share and underutilized assets that will benefit from increasing Permian crude production,” Stanley says, expects that by 2019 PAA will generate twice the EBITDA growth from additional capacity utilization than reflected by current consensus estimates.
  • Valuations on near-term cash flows limits upside for OKE, the firm says, while noting that the company's fundamentals remain healthy, and it is optimistic about the coming natural gas liquids cycle in 2018-20.
  • The firm's stock price targets are $37 for PAA and $50 for OKE, while it also maintains an Equal Weight rating and $14 target on Plains GP Holdings (PAGP -0.2%).

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Plains All American Pipeline, L.P. Common Units