UPDATE: J.P. Morgan Reiterates Overweight Rating, Raises PT on Targa Resources Partners LP
In a report published Wednesday, J.P. Morgan & Co. reiterated its Overweight rating on Targa Resources Partners LP (NYSE: NGLS), and slightly raised its price target from $47.00 to $48.00.
J.P. Morgan noted, “We rate Targa Resource Partners Overweight and establish a YE13 $48/unit price target. We view Targa as one of the MLPs most leveraged to the burgeoning wet gas production and downstream NGL logistics. The partnership's assets service growing liquids rich production in the Permian and the oil window of the Barnett. Additionally, Targa possesses the second largest fractionation position in Mont Belvieu, which is undergoing rapid expansion to keep pace with growing NGL production. Despite a challenging NGL market, we maintain our OW rating as we believe NGLS offers an attractive risk/reward proposition due to the partnership's deep portfolio of organic growth projects (now $2 billion) combined with a peer leading track record of managing through commodity price cycles.”
Targa Resources Partners LP closed on Tuesday at $41.80.
Latest Ratings for NGLS
|Jan 2016||Seaport Global||Downgrades||Buy||Accumulate|
|Jan 2016||Raymond James||Downgrades||Outperform||Market Perform|
|Dec 2015||Credit Suisse||Downgrades||Outperform||Underperform|
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