UPDATE: Citi Downgrades Williams Companies (WMB) to Neutral
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Citi analyst Timm Schneider downgraded Williams Companies (NYSE: WMB) from Buy to Neutral with a price target of $27.00 (from $28.00).
The analyst comments "We are downgrading shares of WMB to Neutral from Buy with a $27 target price, which is the Street low. While our call isn’t an inherent negative view on WMB’s assets base – in fact, we believe the Transco pipeline is one of the more valuable energy infrastructure assets in the lower 48 – it is a reflection of what we view to be limited upside (total return of ~10%) versus peers. Please see our model for detailed financials. Out of the C-Corps, we prefer owning TRGP. Long story short, after refreshing our operating model, we see more muted growth across WMB’s asset base, and we have marked valuation multiples to market."
Shares of Williams Companies closed at $26.14 yesterday.
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