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UPDATE: J.P. Morgan Reiterates Overweight Rating, Raises PT on Targa Resources

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Analyst Sees Slower Dividend Growth At Targa Resources
Earnings Scheduled For February 13, 2015
Targa Resources' (TRGP) CEO Joe Bob Perkins on Q1 2015 Results - Earnings Call Transcript (Seeking Alpha)

In a report published Wednesday, J.P. Morgan & Co. reiterated its Overweight rating on Targa Resources Corp. (NYSE: TRGP), and raised its price target from $51.00 to $58.00.

J.P. Morgan noted, “We rate TRGP OW and establish a $58/share price target. Targa Resource Corp's only assets are general partner and limited partner interests in Targa Resource Partners. We view Targa Resource Partners as one of the MLPs most leveraged to the burgeoning wet gas production and downstream NGL logistics; NGLS' assets service growing liquids rich production in the Permian and Barnett as well as downstream NGL needs in Mont Belvieu. Through owning NGLS' GP, TRGP is essentially a leveraged play on the distribution growth of Targa Resource Partners. Given TRGP's capacity for peer leading dividend growth of 25%+, we believe a premium valuation is warranted as well.”

Targa Resources Corp. closed on Tuesday at $50.21.

Latest Ratings for TRGP

DateFirmActionFromTo
May 2015JP MorganDowngradesOverweightNeutral
Apr 2015Global HunterDowngradesBuy
Apr 2015Capital One FinancialDowngradesOverweightEqualweight

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Posted-In: J.P. Morgan & Co.Analyst Color Price Target Analyst Ratings

 

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