Seaport Research raised the firm’s price target on Targa Resources to $141 from $129 and keeps a Buy rating on the shares. Targa’s “significant shift” to processing contracts with fee floors in the Permian enables it to weather volatility in commodity prices and is supportive of higher valuation multiples, the analyst tells investors in a research note. The firm says the significant free cash flow generation starting from 2025 should help boost equity returns towards the top end of the 40%-50% target laid out by management.
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