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Targa Resources slapped with Sell-equivalent rating at Wolfe

|About: Targa Resources Corp. (TRGP)|By: , SA News Editor

Targa Resources (TRGP -5.5%) tumbles as Wolfe Research downgrades shares to Underperform from Peer Perform with a $36 price target, trimmed from $39, seeing risk from a stretched balance sheet even while acknowledging the potential for continued strong growth in 2022.

Wolfe also downgrades Oneok (OKE -1.2%) to Peer Perform from Outperform, seeing little room for significant upside after the stock has been the best performer in the midstream sector over 2018-19.

On the flip side, the firm upgrades Magellan Midstream Partners (MMP +0.5%) to Peer Perform from Underperform with a $63 price target, up from $60, citing a greater appreciation of the quality of MMP's asset mix and leverage that is below peer average.

TRGP's average Sell Side Rating is Bullish, its Seeking Alpha Authors' Rating is Bearish, and its Quant Rating is Neutral.

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