Pembina Pipeline downgraded to Hold from Buy at Jefferies

As previously reported, Jefferies downgraded Pembina Pipeline (PBA) to Hold from Buy with a price target of C$53, down from C$61. Jefferies noted that “the Alliance toll dispute and DOW cracker postponement have been headwinds,” adding that a decent Alliance resolution “would remove one overhang,” but the firm still sees “a lower total return relative to peers.”