Williams price target raised to $89 from $78 at UBS

UBS raised the firm’s price target on Williams (WMB) to $89 from $78 and keeps a Buy rating on the shares. Roughly $7.3B of power generation backlog positions Williams Companies as one of the best-levered midstream operators to rising natural gas demand from power generation and data centers through its Power Innovation business, the analyst tells investors in a research note. The company expects this backlog to generate about $1.4B in annual EBITDA by 2029, with roughly 1.9 GW of projects in execution by 2028 and a broader opportunity set totaling around 6 GW, UBS says.