UPDATE: Citi Raises Targa Resource Partners' PT

According to a research report published this morning, Citi has increased Targa Resources' TRGP PT from $55 to $58.50. In the report, Citi said, "Following a better than expected quarter we reiterate our Buy rating on Targa Resource Partners LP and are increasing target price to $49.50. Our positive stance is based on partnership's strategically located assets that we believe are ideally positioned to benefit from current industry trends as it pertains to US liquids supply growth. Specifically, the partnership's NGL logistics assets in the Gulf Coast and gathering & processing plants in liquid rich resource basins should capture new volumes as a result of strong drilling activity. NGL infrastructure remains highly utilized with new capacity still needed and margins remain high at new build economics. Management expects to complete $1 billion of organic growth projects in 2012 and 2013, up more than 75% YoY." Targa Resource Partners closed Friday at $48.31.