Plains All American downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley analyst Robert Kad downgraded Plains All American (PAA) to Equal Weight from Overweight with a price target of $19, down from $22. The firm says slowing Permian crude oil production growth “flattens” the company’s EBITDA trajectory. While geopolitical uncertainty may persist in the near-term, oil market fundamentals continue to screen soft absent a disruption to global supply, the analyst tells investors in a research note. Heading into 2025, Morgan Stanley is estimating a 1.3 MMBPD global crude oil supply surplus.