Plains GP Holdings price target lowered to $20 from $22 at Morgan Stanley

Morgan Stanley analyst Robert Kad lowered the firm’s price target on Plains GP Holdings (PAGP) to $20 from $22 and keeps an Equal Weight rating on the shares. The firm is updating its price targets for North American Midstream & Renewable Energy Infrastructure stocks under its coverage, the analyst tells investors. A potential September Fed rate cut could be a short-term catalyst for midstream stocks still enduring the effects of commodity market uncertainty and may be a durable catalyst for renewable infrastructure still recovering from policy changes, the firm adds.