Truist Initiates Buy Rating on Williams with $84 Price Target

Truist has initiated coverage of Williams (WMB) with a Buy rating and a price target of $84. Williams is a major natural gas pipeline company in the U.S., with a $23 billion project pipeline expected to drive 10% CAGR in EBITDA growth through 2030. The investment thesis is supported by the Transcontinental Pipeline and new Power Innovation projects, which are positioned to capture increased gas volumes due to rising power demand.

Published Mar 24, 2026

Truist initiated coverage of Williams (WMB) with a Buy rating and a price target of $84. Williams is a significant player in the U.S. natural gas pipeline sector, boasting a $23 billion project pipeline with a 5x build multiple.

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This pipeline is projected to enhance EBITDA growth at a 10% CAGR through 2030. The positive investment outlook is reinforced by the company's Transcontinental Pipeline and new Power Innovation projects, which are strategically aligned to capture additional gas volumes amidst increasing power demand.