Targa Resources price target raised to $199 from $172 at RBC Capital

RBC Capital raised the firm’s price target on Targa Resources (TRGP) to $199 from $172 and keeps an Outperform rating on the shares. The company recently reported strong Q3 results and raised its 2024 guidance on higher volumes, with the backlog of growth projects expected to provide meaningful cash flow benefits that can enhance capital returns over time, the analyst tells investors in a research note.