Plains All American, GP downgraded to Underperform at BofA after outperformance

As previously reported, BofA downgraded Plains All American (PAA) and Plains GP Holdings (PAGP) to Underperform from Neutral with unchanged price targets of $19 each. Plains All American has been the top performing MLP in the analyst’s coverage in recent months with a roughly 8.5% advance, but the firm does not see a materially changed outlook given that it is 100% crude based, the analyst tells investors. Compared to other peers with more contracts or terminal value, the firm believes the Plains’ are “less attractive for the risk,” the analyst added.