Morgan Stanley raised the firm’s price target on Targa Resources (TRGP) to $202 from $173 and keeps an Overweight rating on the shares. While geopolitical uncertainty may persist in the near-term, oil market fundamentals continue to screen soft absent a disruption to global supply, the analyst tells investors in a research note. Heading into 2025, Morgan Stanley is estimating a 1.3 MMBPD global crude oil supply surplus.
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