Targa Resources price target lowered to $193 from $199 at Scotiabank

Scotiabank analyst Brandon Bingham lowered the firm’s price target on Targa Resources (TRGP) to $193 from $199 and keeps an Outperform rating on the shares. The firm is refreshing its valuation analysis for U.S. Midstream stocks under its coverage to incorporate Q1 results, the analyst tells investors. While not much has changed overall since the firm’s last iteration, dislocations between current price, implied values, and price targets persist in certain names.