Goldman Sachs Upgrades Williams Companies (WMB) to Conviction Buy

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Goldman Sachs upgraded Williams Companies (NYSE: WMB) to Conviction Buy with a price target of $35, suggesting 24% upside.

The firm said WMB is their top pick among Diversified Pipelines. They cited a combination of "(1) above-average 10%-15% dividend growth, (2) "General Partner (GP) leverage" which should drive long-term sustainable cash flow growth and (3)
conservative financial profile, with low leverage at both WMB and WPZ, high coverage at WPZ, and a solid portion of earnings from stable, fee-based pipelines."

Goldman also sees upside to dividend growth from its Canada and olefins businesses.

Goldman's new 2012/2013 EPS estimates of $1.45/$1.65 are in line with consensus, but above management guidance of $1.38/$1.55.

For an analyst ratings summary and ratings history on Williams Companies click here. For more ratings news on Williams Companies click here.

Shares of Williams Companies closed at $29.00 yesterday, with a 52 week range of $21.90-$33.33.

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