Targa Resources price target raised to $145 from $140 at JPMorgan

JPMorgan analyst Jeremy Tonet raised the firm’s price target on Targa Resources to $145 from $140 and keeps an Overweight rating on the shares after speaking with its management. The discussion has built off the constructive management commentary at the EPR conference around better than initially expected Permian inlet volume growth following conservative commentary on the May call given Permian gas takeaway tightness, and this strength should carry through the remainder of 2024 and into 2025, the analyst tells investors in a research note.