Targa Resources (TRGP) PT Lowered to $49 at Jefferies

Jefferies lowered its price target on Targa Resources (NYSE: TRGP) to $49.00 (from $50.00) while maintaining a Buy rating. TRGP lifted planned 2017 growth spend to $1.375B, from $1.210B, ~$60mm of which is attributable to additional Permian gathering capex; Midland and Delaware infrastructure spend is now expected to total ~$410mm, ~30% of total 2017 outlays.

Management initiated 2017 Field G&P volume guidance, targeting >10% y/y total Field growth & ~20% y/y Permian expansion. With 1Q, TRGP affirmed this outlook & noted an expectation for 1H17 volumes to be ~15% higher y/y & 2H17 volumes to be ~30% higher y/y.

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