Archrock price target raised to $39 from $30 at Wells Fargo

Wells Fargo raised the firm’s price target on Archrock (AROC) to $39 from $30 and keeps an Overweight rating on the shares. The firm is raising its 2027 and beyond estimates and price target to reflect continued strong compression market fundamentals. Wells is now using a nine times multiple in its sum-of-the-parts to reflect a shift in the market’s view of compression from oil service to a more midstream-like profile.