Goldman Sachs upgraded Williams Companies (NYSE:WMB) to Buy from Neutral, setting a price target of $82.
The firm highlighted an estimated total return potential of approximately 18%, compared with a 13% average across its midstream coverage universe. Williams was described as a large-cap natural gas infrastructure operator with a high-quality asset base spanning gathering, processing, transmission, storage, and marketing.
Analysts viewed the recent share price pullback as an attractive entry point, noting that the stock had underperformed since the onset of Middle East conflict-related volatility, declining 7% compared with a 3% drop in the broader AMNA index.
At current levels, the stock was trading at an implied 9.75x EV/EBITDA multiple on 2030 estimates, which Goldman Sachs considered compelling given the company’s long-term growth and cash flow profile.
