UPDATE: Deutsche Bank Initiates Targa Resources at Buy

Deutsche Bank is out with its report today on Targa Resources (NYSE: TRGP), initiating TRGP at Buy.

In a note to clients, Deutsche Bank writes, "Targa Resources is a growth oriented C-Corp with leverage to three key energy mega-themes: the rise of the MLP; the calorific price premium of oil over natgas; and the growth in US unconventional oil and gas supply. Targa owns the general partner of Targa MLP that remains in the 'low splits' from which the GP share of distributions grows. Therefore it has leverage to both Targa MLP's growth, and a growing share of that growth. Initiate with a BUY."

Deutsche Bank maintains a $38 PT on TRGP.

Shares of TRGP closed Friday at $30.57, down 0.29% from Thursday's close.