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UPDATE: J.P. Morgan Reiterates Overweight Rating, Raises PT on Targa Resources Corp. on Peer Leading Dividend Growth Capacity

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In a report published Friday, J.P. Morgan reiterated its Overweight rating on Targa Resources Corp. (NYSE: TRGP), and raised its price target from $62.00 to $65.00.

J.P. Morgan noted, “We rate TRGP OW with a $65/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 Thursday at $50.93.

Latest Ratings for TRGP

DateFirmActionFromTo
Nov 2014BarclaysMaintainsOverweight
Oct 2014Tudor PickeringUpgradesAccumulateBuy
Oct 2014Credit SuisseMaintainsOutperform

View More Analyst Ratings for TRGP
View the Latest Analyst Ratings

Posted-In: J.P. MorganAnalyst Color Price Target Analyst Ratings

 

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