Targa Resources, the Energy sector company, was revisited by a Wall Street analyst yesterday. Analyst Jean Ann Salisbury from Bank of America Securities maintained a Buy rating on the stock and has a $200.00 price target.
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Jean Ann Salisbury’s rating is based on Targa Resources’ strong third-quarter earnings performance and its strategic expansion plans. The company reported an EBITDA that exceeded expectations, driven by higher than anticipated volumes and successful natural gas and NGL marketing efforts. This financial performance positions Targa to potentially reach the upper end of its fiscal year guidance, signaling robust operational efficiency.
Furthermore, Targa’s announcement of new projects, including the Copperhead plant and a new natural gas pipeline, underscores its confidence in sustained growth, particularly in the Permian Basin. The company’s roadmap for a significant increase in free cash flow by the second half of 2027, supported by higher EBITDA and reduced capital spending, further strengthens the Buy rating. These factors collectively suggest a promising outlook for Targa Resources, justifying the optimistic price objective set by the analyst.
In another report released on October 22, RBC Capital also maintained a Buy rating on the stock with a $208.00 price target.
TRGP’s price has also changed slightly for the past six months – from $158.250 to $162.690, which is a 2.81% increase.