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Research Alert: CFRA Maintains Sell Opinion On Shares Of The Williams Companies, Inc.

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-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

Our 12-month target price remains $64, a 12x multiple of enterprise value to projected '27 EBITDA. The applied multiple is a premium to WMB's historical forward average, albeit a small one, and reflects rising demand for midstream natural gas takeaway and processingcapacity, Our sell opinion is on valuation, with shares trading about 21% above historical forward average levels on EBITDA. We lift our '26 EPS estimate by $0.23 to $2.42, and similarly '27's by $0.10 to $2.59. WMB isguiding to about a 6% boost to adjusted EBITDA in 2026, but it is coming with some elevated capital requirements, as growth capex continues to rise - now likely in arange of $7.0B-$7.6B in 2026, versus $4.9B in 2025. For 2026, we think the combination of growth capex and dividend payments will markedly outstrip cash from operations,which is not necessarily a problem in the short term, but may require additional borrowing, and WMB's net debt-to-capital ratio is already above peers. Shares yield 2.8%

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