UPDATE: UBS Starts Targa Resources (TRGP) at Buy; Dominant Midstream Provider

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(Updated - August 22, 2012 10:58 AM EDT)

UBS initiates coverage on Targa Resources (NYSE: TRGP) with a Buy. PT $57.00.

Analyst, Christopher P. Sighinolfi, said, "TRGP’s assets consist solely of its ~14.5% LP interest, 2% GP interest, and 100% ownership of the Incentive Distribution Rights (IDRs) in its MLP, Targa Resources Partners, L.P. (Nasdaq: NGLS). Accordingly, the sole goal of mgmt is the successful execution of NGLS’s growth strategy as TRGP’s 50% IDR splits provide a strong incentive to grow total MLP cash distributions."

For an analyst ratings summary and ratings history on Targa Resources click here. For more ratings news on Targa Resources click here.

Shares of Targa Resources closed at $44.18 yesterday, with a 52 week range of $26.76-$49.91.

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