Plains All American downgraded to Underweight from Equal Weight at Barclays

Barclays downgraded Plains All American to Underweight from Equal Weight with an unchanged price target of $15. The company owns critical infrastructure assets and has a clear, unitholder-friendly capital allocation framework that demonstrates judicious capital stewardship, the analyst tells investors in a research note. However, the firm is cautious on Plains All American’s re-contracting outlook and its medium to long-term asset utilization. It thinks the positives are “overly reflected” in its valuation.