UPDATE: J.P. Morgan Reiterates Overweight Rating, Raises PT on Williams Companies
In a report published Wednesday, J.P. Morgan & Co. reiterated its Overweight rating on Williams Companies (NYSE: WMB), and slightly raised its price target from $39.00 to $40.00.
J.P. Morgan noted, “We rate Williams Companies (WMB) Overweight and establish a $40 price target. WMB's primary growth drivers are ownership interests in Williams Partners, especially the embedded leverage from the incentive distribution rights. As one of the largest natural gas midstream service providers, WPZ possesses an expansive footprint that positions the partnership to be a major participant in the energy infrastructure buildout, especially in the Marcellus. Moreover, we believe the market underestimates WMB's ability to unlock value via acquisitions and subsequent dropdowns. We believe that WMB's growth profile, coupled with a healthy dividend and attractive valuation, positions the stock to outperform peers.”
Williams Companies closed on Tuesday at $34.74.
Latest Ratings for WMB
|Jun 2014||Argus Research||Maintains||Buy|
|Jun 2014||Deutsche Bank||Upgrades||Hold||Buy|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.