UPDATE: J.P. Morgan Downgrades Targa Resources Partners LP to Neutral, Lowers PT Following Lower-Than-Expected 2014 Guidance

In a report published Tuesday, J.P. Morgan analyst Jeremy Tonet downgraded the rating on Targa Resources Partners LP NGLS from Overweight to Neutral, and lowered the price target from $57.00 to $54.00. In the report, J.P. Morgan noted, “We downgrade NGLS to Neutral from Overweight following lower than expected 2014 guidance. We continue to believe NGLS' assets offer attractive opportunities to leverage both burgeoning liquids rich production and expanding downstream needs in the fractionation and LPG export markets. Nevertheless, YTD, NGLS has outperformed the MLP space by 25%, with +50% total return for NGLS versus +25% for the AMZ. This price appreciation combined with a moderated distribution growth outlook results in a tempered risk/reward tradeoff, in our view.” Targa Resources Partners LP closed on Monday at $52.84.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: Analyst ColorDowngradesAnalyst RatingsJ.P. MorganJeremy Tonet
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!