Barclays raised the firm’s price target on Targa Resources to $122 from $116 and keeps an Overweight rating on the shares ahead of the Q1 report. The analyst looks for Q1 adjusted EBITDA of $945M versus the consensus estimate of $937M. After peak earnings in Q4, the firm expects a modest step-down in Q1 due to weather-related headwinds, followed by a sequential bump during the second half of 2024 as several of the company’s capacity expansions come online.
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