Targa Resources price target raised to $224 from $190 at Stifel

Stifel raised the firm’s price target on Targa Resources (TRGP) to $224 from $190 and keeps a Buy rating on the shares. While the firm is not changing its estimates from prior expectations, it is increasing its target multiple given robust growth prospects, free cash flow generation and the recent valuation uplift seen across the midstream universe, the analyst tells investors.