01:25 AM EDT, 05/16/2025 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

Our 12-month target price of $19, cut by $1, reflects an 8.7x multiple of enterprise value to projected 2026 EBITDA, in line with PAA's historical forward average. We cut our 2025 earnings per unit estimate by $0.02 to $1.50, and similarly 2026's estimate by $0.08 to $1.52. PAA is aligned with the processing and transportation of North American liquids (both crude oil and NGLs), and we think there are some question marks on both fronts, though not necessarily unfixable ones. With respect to crude oil, the risk in our view is that overall production finally rolls over, given a somewhat tepid spending outlook by E&Ps (although rig counts have not been strong in years, and the industry has found a way to overcome them). On the NGL front, the risk, in our view, is with China, as trade tensions could weigh on demand for U.S. NGLs, which are used as feedstock in Chinese chemical manufacturing. Overall, we think 2025 and 2026 are decent years, but valuation is close to full.