Texas Pacific Land upgraded to Buy from Hold at Texas Capital

Texas Capital upgraded Texas Pacific Land (TPL) to Buy from Hold with a price target of $1,280, up from $1,240, after meeting with management. The firm believes the company will “commercially de-risk” its desalination project and advance one of its power generation and data center opportunities by year end. Further, Texas Pacific is the natural consolidator of some of the larger ranches in the Permian that are expected to come to market over the next three to five years, the analyst tells investors in a research note.