SunTrust analyst Tristan Richardson initiated coverage of Williams with a Buy rating and $27 price target. The analyst is positive on the company's position as one of the largest natural gas pipelines in the U.S., saying the stock offers exposure to a "pure play" on natural gas demand with "stable cash flows" of its transmission business. Richardson further cites the shift at Williams over the past several years to one of an "improved structural profile and balance sheet", which he claims has created an inflection point toward free cash flow generation and offers upside in the stock.

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Wolfe Research downgraded Williams to Underperform from Peer Perform with a $34 price target. The company "has had challenges" with a disappointing 2024-2025 outlook in February, weak gas prices, and large gas production cuts, the analyst tells investors in a research note. Despite this, the stock has kept pace with peers year-to-date on early hopes for a gas recovery and data center buzz, says Wolfe. The firm cites relative valuation for the downgrade.