What exactly changed in the Feb 9, 2026 PAA analyst rating notes?

On February 9, 2026 Scotiabank maintained **Outperform** and raised its price target to **$23 from $22**, while UBS reiterated **Buy**. Both were maintained ratings rather than upgrades or downgrades and caused modest intraday price moves.

How should investors interpret a maintained Outperform or Buy?

A maintained rating means the analyst still favors the stock relative to peers and expects current strategy and cash returns to continue. It signals confidence but not a new bullish catalyst, so investors often view it as confirmation of existing conviction.

Does the PAA analyst rating change affect distributions or cash returns?

Analysts referenced cash returns and distribution support in their notes, but ratings do not directly change company policy. They influence investor expectations about the likelihood and sustainability of distributions.

Where can I read the original analyst notes for PAA?

Scotiabank’s note and price target update are summarized at TheFly and UBS’s reiteration is at StreetInsider; both are cited in our coverage and linked in the article for source detail.

Analyst Ratings

Scotiabank Keeps Outperform on Plains All American Pipeline, L.P. (PAA) Feb 2026

ByDanny Kontos February 10, 2026

Scotiabank kept Outperform on Plains All American Pipeline, L.P. on February 9, 2026, the headline move in the latest PAA analyst rating updates. We track two analyst notes from that day: Scotiabank raised its price target to $23 from $22 while maintaining an Outperform, and UBS reiterated Buy citing strong cash returns. Both actions were recorded on February 9, 2026 and had modest intraday impacts. This article reviews the rating details, price targets, market reaction, and what the PAA analyst rating changes mean for investors.