From Gabriel Moreen at Mizuho....
Targa Resources Corp.
The When and How Much of an EBITDA Inflection
We refresh our estimates and lower our PT to $45 (from $47) as we mark-to-
market our model for current commodity prices and adjust for updated project
statuses. We also recently caught up with management; our takeaways being: 1)
Grand Prix likely delayed several weeks (to late August) due to heavy rains 2)
color around Galena Park LPG export expansions 3) TRGP almost certainly not
a buyer of Pioneer's (PXD) WestTX stake, and TRGP would consider parting
with a non-controlling stake in the asset at the right price. No doubt TRGP
should see pronounced growth into 2020 and beyond, but we see this as at least
partially reflected in shares.