Plains GP Holdings price target raised to $22 from $20 at Mizuho

Mizuho raised the firm’s price target on Plains GP Holdings (PAGP) 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.