UPDATE: Credit Suisse Reiterates Neutral Rating, Raises PT on Targa Resources Partners LP Following 4Q13 Beat

In a report published Thursday, Credit Suisse analyst John Edwards reiterated a Neutral rating on Targa Resources Partners LP NGLS, and raised the price target from $55.00 to $58.00. In the report, Credit Suisse noted, “We are slightly raising our three-year distribution growth CAGR by 100bp, to 9% on the beat. 4Q13 EBITDA was $215mm vs. our $191mm and $184mm Street with DCF/unit at $1.19/unit, well ahead of our $0.96/unit. The beat was driven primarily by LPG exports above contract levels as well as volume increases despite abnormally cold weather. We are also raising our forecast to reflect our recently released NGL price outlook that is more robust relative to our prior assumptions.” Targa Resources Partners LP closed on Wednesday at $53.88.