Targa Resources price target lowered to $218 from $226 at Mizuho

Mizuho lowered the firm’s price target on Targa Resources (TRGP) to $218 from $226 and keeps an Outperform rating on the shares. The shares have underperformed on fears around the pace of associated gas growth in the Permian given prevailing macro uncertainty and the looming impact of a trade war that could damage demand for U.S. energy exports, the analyst tells investors in a research note. However, the firm remains optimistic on growth prospects at Targa given its increasing gas-oil ratios in the Permian and “strong visibility” to near-term volume growth that is unaffected by recent events.