Shares of Plains All American Pipeline, L.P. (PAA) have struggled, down 23.1% in the past month and 37% so far in 2017.

However, this Houston-based pipeline company has upside, at least according to two analysts. Despite the havoc being wreaked on the city by Hurricane Harvey, analysts at BMO and Jefferies believe PAA stock can outperform. So far, the broader markets are holding up despite Harvey, too.

BMO analyst Danilo Juvane says the company should benefit from reducing its debt and will be able to grow its distribution in 2019 after having recently deciding to reduce its payout. As a result, shares should hit Juvane's price target of $25, roughly 25% high from PAA's current price of about $20.

Raymond James' Darren Horowitz actually went above outperform, upgrading the stock from outperform to strong buy and assigning a $24 price target. Plains All American has a new capital and distribution structure, which will benefit PAA over the long term. Combined with a discounted valuation and growth opportunity in North America, PAA stock should climb 20% higher from current levels, Horowitz argues.

Plains All American has assets in both Houston and Corpus Christi. However, these are pipelines that run into the cities. A bulk of the company's assets can be found in the Permian basin (west Texas), near New Orleans and Cushing, OK. At least, that's PPA's footprint in the south. It also has a lot of assets in Alberta, Canada, as well as several other developments throughout the U.S. that will obviously be unaffected by Hurricane Harvey.

As a result of Hurricane Harvey, commodity prices are also being impacted. As of 9:15 a.m. ET, crude oil futures are down about 73 basis points, while gasoline prices are climbing near 4%. For the latter, this is off the recent highs, as investors try to weigh the supply/demand impact Harvey will have on the refinery market. 

Minutes before the opening bell, PAA stock was actually down about 0.2% to $20.15 in premarket trading Monday. However, once regular trading hours began, shares jumped higher, climbing about 2% to $20.60.

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This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.

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