TD Cowen Upgrades Targa Resources to Buy from Hold
Listings: (NYSE:TRGP) (BMV:TRGP)
Fintel reports that on September 18, 2026, TD Cowen upgraded their outlook for Targa Resources (NYSE:TRGP) from Hold to Buy. This upgrade follows a prior action by TD Cowen on August 7, 2026, when the firm maintained its rating of Hold. Prior to this rating action, the stock closed at $285.07 on September 17, 2026.
Looking at recent market performance, Targa Resources experienced a price change of -2.34% over one week, relative to a baseline close of $291.91 on September 10, 2026. Over a one-month period, the stock saw a price change of +2.57% from a baseline close of $277.94 on August 17, 2026. The company last reported its earnings on August 6, 2026, posting an actual EPS of 3.54, which exceeded the estimated EPS of 2.7718, representing a surprise of +27.71%. The actual revenue for the quarter was $4,497,900,000.00, compared to the estimated revenue of $4,840,210,080.00.
Targa Resources Corp., based in the United States, is a provider in the midstream natural gas and natural gas liquids (NGL) industry. The company primarily engages in gathering, compressing, treating, processing, and selling natural gas and NGLs, along with storing, fractionating, and transporting these products. Targa operates assets including gas gathering networks and processing plants in regions like the Permian Basin and Bakken Shale. Key projects include the Grand Prix NGL Pipeline and the Badlands operations.
Separately from TD Cowen's individual rating, the broader analyst consensus target mean for the stock was $322.34 as of September 15, 2026, with a median target of $320.28. This mean target represents an implied change of +13.07%. The prior consensus target mean was $312.19 as of August 28, 2026, showing a consensus target revision of +3.25%.
In terms of aggregate recommendations, as of the September 1, 2026 period, the consensus consisted of 9 strong buy, 17 buy, and 5 hold recommendations, totaling 31 recommendations. This represents 83.9% positive recommendations and 16.1% hold recommendations. For the prior period of August 1, 2026, the consensus recorded 10 strong buy, 16 buy, and 5 hold recommendations, totaling 31 recommendations, representing 83.9% positive recommendations and 16.1% hold recommendations.
Other financial institutions have also recently updated or maintained their outlooks on Targa Resources. On September 16, 2026, Morgan Stanley maintained its Overweight rating. Mizuho maintained its Outperform rating on September 11, 2026. On September 10, 2026, Scotiabank maintained its Sector Outperform rating, while Stifel reiterated its Buy rating on the same day. Earlier, on September 2, 2026, Wells Fargo maintained its Overweight rating, and RBC Capital maintained its Outperform rating on August 27, 2026.
Recent analyst actions
| Date | Analyst | Prior | Latest recommendation | Action |
|---|---|---|---|---|
| September 18, 2026 | TD Cowen | Hold | Buy | upgrade |
| September 16, 2026 | Morgan Stanley | Overweight | Overweight | maintained |
| September 11, 2026 | Mizuho | Outperform | Outperform | maintained |
| September 10, 2026 | Scotiabank | Sector Outperform | Sector Outperform | maintained |
| September 10, 2026 | Stifel | Buy | reiterated | |
| September 2, 2026 | Wells Fargo | Overweight | Overweight | maintained |
| August 27, 2026 | RBC Capital | Outperform | Outperform | maintained |
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This story originally appeared on Fintel.