TD Cowen upgrades Targa Resources to 'buy', lifts PT

By Reuters News

** TD Cowen upgrades rating for pipeline operator Targa Resources TRGP.N to "buy" from "hold"

** Raises price target to $350 from $275, implying an upside of about 22.8% to the stock's last close

** TD Cowen says TRGP is well positioned to benefit from growth in wet gas production in the Permian Basin, supporting what it expects will be industry-leading EBITDA growth

** Says, "Wet gas growth is supported by producer Permian activity and expanding gas-to-oil ratios"

** Adds, "TRGP's outperformance is supported by its strong relationship with growing producer customers" and that the company could see a boost to free cash flow from 2028, when spending on a long-haul natural gas liquids pipeline is expected to ease

** 21 of 24 brokerages rate the stock "buy" or higher, and 3 "hold"; their median PT is $314 - data compiled by LSEG

** As of last close, TRGP up 54.5% YTD

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