Story updated at 10 a.m. to reflect market activity.
Shares of Plains GP fell 0.3% to $27.66 in morning trading.
The firm maintained its "buy" rating for the stock. The price target increase was driven by oil infrastructure expansions according to UBS analyst Shneur Z. Gershuni.
"Oil Infrastructure to continue to Expand PAGP post its recent IPO offering has offered investors an opportunity to invest in oil infrastructure growth in the US via a C-corp," Gershuni wrote. "Following the recent EPD investor day we believe there will be increased opportunity for capital investment in oil infrastructure and spread volatility will continue longer than we initially thought which should result in excess DCF and thus a lower cost of capital."