Williams initiated with a Buy at Truist

Truist initiated coverage of Williams (WMB) with a Buy rating and $84 price target Williams stands out as one of the largest natural gas pipeline companies in the U.S. with a $23B project pipeline at 5x build multiple that the company expects to drive EBITDA growth at a 10% CAGR through 2030, the analyst tells investors in a research note. The firm added that its positive investment thesis on Williams is underpinned by its Transcontinental Pipeline and new Power Innovation projects, which it thinks are well positioned to capture incremental gas volumes in conjunction with rising power demand.