Targa Resources (TRGP) is setup well for growth in H2'2025 and 2026, aided by the growth projects across its asset footprint and producer customer forecasts, RBC said in a note emailed Tuesday.
For the upcoming Q2 results, RBC said it expects adjusted earnings before interest, taxes, depreciation and amortization of $1.132 billion versus its previous forecast of $1.131 billion and the consensus estimate of $1.157 billion.
RBC expects Targa Resources to have repurchased additional shares in Q2 in addition to the $89 million that the company announced for April, and believes Targa's balance sheet can support additional buyback along with its large backlog of projects.
RBC maintained its outperform rating with a $205 price target.
Price: 169.66, Change: -2.80, Percent Change: -1.62
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