UPDATE: Stifel Downgrades Targa Resources (TRGP) to Hold
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(Updated - September 29, 2016 9:11 AM EDT)
Stifel downgraded Targa Resources (NYSE: TRGP) from Buy to Hold with a price target of $48 (unchanged). The downgrade was tied to valuation.
Analyst Selman Akyol said, "Given TRGP’s recent performance, its shares are trading at 12.5x EV to EBITDA which we believe is near fair value. Since our upgrade in early August the shares have advanced 28%. We also have concerns surrounding LPG exports which could be weaker than expected going into the third quarter. According to third party data at least 16 U.S. LPG export cargoes have been cancelled during August and September. Given this was a focal point during the 2Q16 earnings call, we believe this could pressure TRGP if their docks were impacted by cancellations. We would be more constructive on shares following a pullback."
Shares of Targa Resources closed at $49.26 yesterday.
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