UPDATE: Bank of America Raises Targa Resources Partners' PO

According to a research report published this morning, Bank of America has increased Targa Resources Partners'

PO from $44 to $46. In the report, Bank of America said, "On 3 May, NGLS reported 1Q12 distributable cash flow (DCF) of $105.7mn versus the BofAML estimate of $85.7mn. 1Q12 cash distribution coverage on a paid basis was a healthy 1.6x. NGLS beat across all of its segments, which benefitted from healthy natural gas liquids (NGL) prices and frac spreads, gathering and processing (G&P) volume growth around NGLS' onshore assets, and recent growth projects and acquisitions. NGLS' 1Q12 declared distribution of $0.6225 ($2.49 annualized) represents a 3.3/11.7% increase over 4Q11/1Q11 levels, respectively, ahead of BofAML expectations of $0.6125 ($2.45 annualized)." Bank of America maintains its Buy rating on Targa Resources Partners, which closed Friday at $42.59.