Targa Resources price target raised to $140 from $130 at JPMorgan

JPMorgan raised the firm’s price target on Targa Resources to $140 from $130 and keeps an Overweight rating on the shares. The analyst sees Targa’s “superior growth leading to notable multiple compression in future years.” Secular liquified petroleum gas demand tailwinds, particularly from emerging markets, and tight Permian natural gas midstream logistics provide a constructive backdrop for the company’s incumbent position and capital efficient growth projects, the analyst tells investors in a research note. The firm says Targa’s “current valuation gap, particularly in outer years, appears woefully unwarranted.”