Plains All American price target raised to $22 from $20 at Mizuho

Mizuho analyst Gabriel Moreen raised the firm’s price target on Plains All American (PAA) to $22 from $20 and keeps an Outperform rating on the shares. The firm expects a positive market reaction to Plains’ sale of its Canadian natural gas liquids business to Keyera. The deal lends credence to the view Plains could use proceeds to buy in the Plains-Oryx Permian joint venture, and/or position itself as a cleaner pure-play crude story that is better positioned to participate in potential industry consolidation, the analyst tells investors in a research note.