UPDATE: Williams Companies (WMB) PT Raised to $22 at Credit Suisse on Durability of Earning Power

Credit Suisse analyst Spiro Dounis raised the price target on Williams Companies (NYSE: WMB) to $22.00 (from $20.00) while maintaining a Neutral rating after G&P volumes proved to be more stable than expected in 2Q20 and will likely improve in 2H20 as shut-in volumes return to the system. This sets up WMB for higher 2H20 results vs. 2Q20.

The analyst stated "We expect 2020 EBITDA to trend in the lower half of the EBITDA guidance range – the absolute low-end appears too conservative. Beyond 2020, management also expects NE G&P volume growth in 2021 despite some producers talking to maintenance mode. Growth commentary stands out as some midstream peers continue to expect near-term declines due to reduced rig activity".

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