Morgan Stanley upgraded Williams to Overweight from Equal Weight with a price target of $58, up from $52. The firm sees “several areas of underappreciated growth” that should de-risk Williams’ ability to achieve 5%-7% annual EBITDA growth and drive a further re-rating of the shares. Midstream investors are likely to place an increased emphasis on where growth is strongest and most visible, and Williams’ natural gas pipeline assets are becoming more essential to ensuring powering grid stability and meeting new natural gas demand sources, the analyst tells investors in a research note.
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