Goldman Sachs Raises its Price Target on Targa Resources Corp. (TRGP) to $242 and Maintains a Buy Rating

Targa Resources Corp. (NYSE:TRGP) is among the 10 High Growth S&P 500 Stocks to Buy Now.

Goldman Sachs, on February 20, 2026, raised its price target on Targa Resources Corp. (NYSE:TRGP) to $242 from $196 and maintained a Buy rating following Q4 results. The firm said the quarter came in better than expected, driven by strong downstream NGL margins, though Permian gathering and processing volumes were flatter. Goldman Sachs added that the medium- to long-term growth message was constructive, highlighting plans for three processing plants per year in the Permian.

That same day, Barclays increased its price target to $226 from $191 and kept an Overweight rating after updating its model to reflect the Q4 report. Barclays said Targa’s long-term fundamentals remain on an improving trajectory.

On February 19, 2026, Targa reported Q4 revenue of $4.06B versus $4.14B consensus and adjusted EBITDA of $1.34B compared with $1.12B last year. CEO Matt Meloy said, “We have a lot of positive momentum in our business,” citing strength in the Permian and noting that the completion of large downstream capital projects in the second half of 2027 is expected to provide meaningful operating leverage and support growing, durable free cash flow backed by fee-based adjusted EBITDA and an investment-grade balance sheet.

Targa Resources Corp. (NYSE:TRGP) owns and operates domestic infrastructure assets in North America through its Gathering and Processing and Logistics and Transportation segments.

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