Goldman Sachs Upgrades Targa Resources Partners, L.P. (NGLS) to Buy

Goldman Sachs upgraded Targa Resources Partners, L.P. (NYSE: NGLS) from Neutral to Buy with a price target of $76 (unchanged).

Analyst Theodore Durbin said, " Our 12-month, $76 price target is unchanged, implying 24% total return upside. We believe NGLS can sustain an above-average distribution growth outlook despite meaningful commodity price exposure. We believe the combination of visible fee-based growth, a diverse business mix, strong balance sheet, and high distribution coverage can more than offset the impact of lower crude oil and NGL prices. We view the majority of Targa’s organic growth opportunities as focused on increasing fee-based cash flows including backlog projects for NGL fractionation, exports, condensate splitting and Bakken infrastructure."

For an analyst ratings summary and ratings history on Targa Resources Partners, L.P. click here. For more ratings news on Targa Resources Partners, L.P. click here.

Shares of Targa Resources Partners, L.P. closed at $63.66 yesterday.

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