MLP Rating Updates during Week Ended November 10
Andeavor Logistics (ANDX), the midstream MLP subsidiary of Andeavor (ANDV), saw two price target cuts last week. Barclays cut its target price to $55 from $57, and Mizuho cut its target price to $53 from $56.
About 78.6% of the analysts surveyed by Reuters have rated ANDX a “buy,” while the remaining 21.4% have rated it a “hold.” ANDX’s average target price of $58.50 implies a ~30% upside potential from its current price levels.
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Targa Resources (TRGP) was downgraded by Wells Fargo last week. Wells Fargo reduced TRGP to “market perform,” which is equivalent to a “hold.” Its previous rating was “outperform,” which is equivalent to a “buy.” The broker also cut TRGP’s target price to $49 from $53. Now, 57.9% of analysts surveyed by Reuters rate TRGP a “buy,” and the remaining 42.1% rate it a “hold.” TRGP is currently trading below the low range (or $45) of analysts’ target prices. Its average target price of $52.70 implies a ~25% upside potential from its current price level. For a post-earnings analysis on TRGP’s 3Q17 earnings, be sure to read What Drove Targa Resources’ Strong 3Q17 Results?
For more coverage on midstream companies, check out Market Realist’s Master Limited Partnerships page.