Truist raised the firm’s price target on Targa Resources to $105 from $95 and keeps a Buy rating on the shares. The company is starting to see the “fruits of its prior labor”, increasing its distribution by 50% and, potentially more important, being in a position to repurchase up to $1B units through next year, the analyst tells investors in a research note. Targa remains levered to some of what Truist believes to be the highest growth regions in the future, the firm added.
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