UPDATE: Global Hunter Securities Upgrades Plains All American Pipeline to Buy

Global Hunter Securities raised its rating on Plains All American Pipeline PAA from Accumulate to Buy and raised its price target from $84 to $94. Global Hunter Securities commented, "Q2:12 results were in line with previously increased guidance, representing a very strong quarter for the MLP. PAA continues to announce what we view to be attractive organic growth projects. These contracted and largely fee-based projects give us increased confidence that PAA will continue to operate at a distribution coverage ratio well in excess of what is necessary to comfortably run its business (1.5x expected for 2012)." Plains All American Pipeline closed at $86.15 on Tuesday.