Plains All American upgraded to Outperform from Peer Perform at Wolfe Research

Wolfe Research analyst Keith Stanley upgraded Plains All American (PAA) to Outperform from Peer Perform with a $22 price target The firm sees better value in master limited partnerships than the c-corps in 2025 and upgrades Plains All American as a play on this. The stock trades at the lowest multiple in the group with the highest free cash flow yield, is a takeout target, and has options to create value as shown this week, the analyst tells investors in a research note.