RBC Capital analyst Elvira Scotto raised the firm’s price target on Targa Resources (TRGP) to $218 from $213 and keeps an Outperform rating on the shares. The firm is updating its model following the company’s planned bolt-on acquisition of Stakeholder Midstream, the analyst tells investors in a research note. RBC adds that it views the transaction favorably given the attractive acquisition multiple that meets Targa’s high return threshold for acquisitions, complementary assets, and stable to modestly growing volumes.
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Read More on TRGP:
- Targa Resources to acquire Stakeholder Midstream for $1.25B in cash
- Targa Resources price target raised to $213 from $208 at RBC Capital
- Targa Resources price target lowered to $198 from $199 at Scotiabank
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