Archrock price target raised to $26 from $22 at RBC Capital

RBC Capital raised the firm’s price target on Archrock to $26 from $22 and keeps an Outperform rating on the shares as part of a broader research note previewing Q3 results for U.S. Midstream names. The firm is updating its models to reflect shifts in commodity prices, hurricane impact, and dry gas production weakness, adding that it expects most companies to maintain 2024 outlooks, the analyst tells investors in a research note. For the company, RBC believes that he the compression market has remained strong as the largest players have maintained capital discipline that has prevented an overbuild.