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Targa Resources upgraded to Buy at Guggenheim – Enterprise Products Partners L.P (NYSE:EPD)

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Targa Resources (NYSE:TRGP) is upgraded to Buy from Neutral at Guggenheim Securities, as the name has become more attractive following a reset of Permian Basin valuations.

At 10.7x estimated 2018 EV/EBITDA and a ~8.2% yield, the firm thinks TRGP screens inexpensive for the sector, especially given the upside leverage to natural gas liquids, Permian volumes and ethane recovery.

Guggenheim also suggests buying Enterprise Products Partners (NYSE:EPD) as the likely biggest beneficiary of an anticipated rebalance of the Alerian MLP Infrastructure Index, perhaps in September.



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