Mizuho analyst Gabriel Moreen raised the price target on Williams Companies (NYSE: WMB) to $82.00 (from $73.00) while maintaining a Outperform rating.

The analyst commented, "Heading into next week's earnings, we expect management to provide updates across its transmission, power innovation, and storage backlogs (potential upsizings) against a backdrop of accelerating natural gas and power demand across the United States. Transmission, Power & Gulf is now expected to comprise 60%+ of the company’s business mix through the end of the decade, reflecting a continued shift toward higher‑quality, contract‑backed cash flows. We anticipate incremental detail on key Transco expansions, including the Northeast and Southeast Supply Enhancement projects, as well as progress across the MountainWest and Northwest systems. On the power innovation front, we believe the company could provide more insight into the growing 6GW backlog of potential generation projects. Finally, we look for discussion around near-term marketing upside at Sequent in 1Q26. We maintain Outperform and raise PT to $82/sh, as we believe shares can trade higher on accelerating natural gas and power demand through 2030."