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UPDATE: Stifel Nicolaus Upgrades Targa Resources Partners to Buy on Distribution Growth

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Stifel Nicolaus upgraded Targa Resources Partners (NYSE: NGLS) from Hold to Buy and announced a $48.00 price target.

Stifel Nicolaus noted, "In light of the continued investment in its fee-based margins, we expect the partnership will be able to grow its distribution over 10% through FY14. In turn, we are raising our rating to Buy from Hold and establishing a rounded price target of $48.00. We arrive at our price target using our annualized 4Q13 DPU estimate of $3.00 and a targeted yield of 6.25%. In turn, we see total return potential of approximately 21.6% based on today's close price."

Targa Resources Partners closed at $41.88 on Thursday.

Latest Ratings for NGLS

DateFirmActionFromTo
Sep 2014BMO CapitalInitiates Coverage onMarket Perform
Sep 2014Stifel NicolausReiteratesBuy
Aug 2014BarclaysMaintainsEqual-weight

View More Analyst Ratings for NGLS
View the Latest Analyst Ratings

Posted-In: Stifel NicolausAnalyst Color Upgrades Intraday Update Analyst Ratings

 

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