UBS raised the firm’s price target on Targa Resources (TRGP) to $280 from $228 and keeps a Buy rating on the shares. The company has noted that between Yeti II, Train 13, the long lead infrastructure for 2 additional plants into the Permian, and previously announced projects, the company is planning 8 new plants over the next 2 years, which represent a line of sight to incremental 2.2 Bcf/d of additional processing capacity and gross NGL production of about 320 Mbbl/day, the analyst tells investors in a research note.
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