Texas Pacific Land initiated with an Overweight at KeyBanc

KeyBanc last night initiated coverage of Texas Pacific Land (TPL) with an Overweight rating and $1,050 price target Texas Pacific is a large owner of land and royalty interests in Texas, the analyst tells investors in a research note. The firm believes the company is emerging from its “multi-decade run as a sleepy public entity.” KeyBanc says growing appreciation for the optionality and organic growth potential embedded in the “vast” west Texas market has driven the stock’s rally.