Plains All American price target lowered to $22 from $23 at Scotiabank

Scotiabank lowered the firm’s price target on Plains All American (PAA) to $22 from $23 and keeps an Outperform rating on the shares. The firm is updating its numbers and price targets on stocks in U.S. Midstream coverage following “mixed” Q4 results, the analyst tells investors. While the trajectory for the sector remains positive, near-term hits to free cash flow profiles and more muted returns have caused valuations to compress from recent highs, the firm adds.