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TRGP PT to $45 From Gabriel Moreen at Mizuho.... Targa Resources Corp. The When and How Much of an EBITDA Inflection Summary 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. |
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Msg # | Subject | Author | Recs | Date Posted |
104955 | Re: TRGP PT to $45 | keebon | 2 | 7/12/2019 12:52:19 PM |