Stifel Nicolaus increases its price target from $83.50 to $85 on Buy-rated Plains All American Pipeline (NYSE PAA) following Q1 results above estimates.
Stifel Nicolaus comments, "Plains All American announced 1Q12 financial results, reporting adjusted earnings per unit (EPU) of $1.58 compared to $1.03 the prior year and above our $1.53 estimate. Adjusted results exclude non-cash compensation and gains on certain hedging transactions. Distributable cash flow (DCF) rose approximately 41.9% to $342 million from $241 million the prior year. Previously, PAA declared a distribution per unit (DPU) of $1.045, up 2.0% from the 4Q11 distribution and 7.7% higher than the prior year DPU of $0.97. The DPU came in at our forecast of $1.045."
PAA closed at $79.07 on Tuesday.
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