UPDATE: Credit Suisse Reiterates On Targa Resources On Solid Accretion In 2015 And Beyond

In a report published Tuesday, Credit Suisse analyst John Edwards reiterated an Outperform rating on

, and raised the price target from $141.00 to $165.00. In the report, Credit Suisse noted, “Our analysis estimates a 15% accretion for TRGP in 2015, moving up to over 20% in 2016 and beyond. TRGP expects $1-2 per share dividend accretion in the long term. In a deal valued at ~$2 billion, TRGP will be issuing 10.35 million shares and paying $610 million in cash. Despite ~$77 million in IDR give back to NGLS for four years following the deal, it benefits from lower taxes (10-15% lower pro-forma mgmt. expectations).” Targa Resources Corp closed on Monday at $109.01.