Truist analyst Neal Dingmann raised the firm’s price target on Targa Resources to $120 from $105 and keeps a Buy rating on the shares. The firm expects the company’s growth to continue and perhaps accelerate next year through a combination of projects along with solid incremental organic activity as Permian activity continues to ramp, the analyst tells investors in a research note. Targa Resources’ “material” free cash flow should also drive continued dividend growth that was recently recommended, the firm added.
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