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Fly News Breaks for December 21, 2015
PAA
Dec 21, 2015 | 06:28 EDT
Oppenheimer analyst Bernard Colson downgraded Plains All American to Perform saying the company's 2016 equity needs will approach $1B to keep leverage at 4.5 times. With an all-in cost of equity greater than 20%, the common equity market is effectively closed to Plains, Colson tells investors in a research note. As such, the company will need to use "non-traditional methods to secure its 2016 business plan," the analyst argues. He removed his $35 price target for the shares.
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