BUZZ — TD Cowen upgrades Targa Resources to 'buy', lifts PT

* TD Cowen upgrades rating for pipeline operator Targa Resources to "buy" from "hold" * Raises price target to $350 from $275, implying an upside of about 22.8% to the stock's last close * TD Cowen says TRGP is well positioned to benefit from growth in wet gas production in the Permian Basin, supporting what it expects will be industry-leading EBITDA growth * Says, "Wet gas growth is supported by producer Permian activity and expanding gas-to-oil ratios" * Adds, "TRGP's outperformance is supported by its strong relationship with growing producer customers" and that the company could see a boost to free cash flow from 2028, when spending on a long-haul natural gas liquids pipeline is expected to ease * 21 of 24 brokerages rate the stock "buy" or higher, and 3 "hold"; their median PT is $314 - data compiled * As of last close, TRGP up 54.5% YTD (Reporting by Sumit Saha in Bengaluru) ((Sumit.Saha@thomsonreuters.com;)