In this article, we will look at the 8 Best Infrastructure Stocks to Buy with Highest Upside Potential.
The listed infrastructure universe stretches across multiple segments, including energy infrastructure, transport networks, grid and utility systems infrastructure, and digital infrastructure, among others. First Sentier describes that opportunity set as including “toll roads, airports, railroads, utilities and renewables, energy midstream,” and argues these sectors often share “barriers to entry and pricing power.” Infrastructure can still offer a mix of defensiveness and growth, which matters especially when investors want exposure to real assets with room for earnings expansion rather than just cyclical trades.
Wellington says enduring infrastructure assets include “utilities, transportation, midstream energy, and data infrastructure,” with “steady revenue and stable cash flow generation” and business models that can be “less sensitive to economic swings.” That is why the sector keeps coming back into favor when the market starts worrying about volatility, rates, or uneven growth. J.P. Morgan Asset Management adds a newer leg to the story, saying “electricity demand is expected to accelerate,” which will require “careful planning and investment in power generation and infrastructure,” with beneficiaries emerging from the coming “electrical infrastructure build-out cycle.” This is especially important now because AI, industrial reshoring, transport electrification, and grid modernization are all starting to pull in the same direction.
Against that backdrop, we will look at the 8 Best Infrastructure Stocks to Buy with Highest Upside Potential.
Our Methodology
We used the Finviz screener to identify infrastructure stocks that offer notable upside based on analysts’ price targets. We then limited our final selection to companies that have recently reported noteworthy developments likely to impact investor sentiment. These stocks are also popular among analysts and elite hedge funds.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 498.7% since May 2014, beating its benchmark by 303 percentage points (see more details here).
8. The Williams Companies, Inc. (NYSE:WMB)
On April 19, 2026, Goldman Sachs upgraded The Williams Companies, Inc. (NYSE:WMB) to Buy from Neutral and set an $82 price target. The firm said the company’s core transmission asset, the Transcontinental Gas Pipeline, is one of the most strategically positioned pipeline networks in the country, stretching from the Northeast to the Gulf Coast. Goldman said it expects Williams to accelerate natural gas transmission project announcements as demand grows from LNG exports, utilities, and data centers.
On April 10, 2026, Jefferies analyst Julien Dumoulin-Smith raised his price target on The Williams Companies, Inc. to $83 from $81 while maintaining a Buy rating. Ahead of first-quarter results, the firm said investor attention has shifted from long-term growth targets to execution on the company’s power infrastructure opportunities. Jefferies said it remains confident in that opportunity and views the current risk-reward profile as compelling.
Earlier in April, RBC Capital raised its price target on The Williams Companies, Inc. to $82 from $78 and maintained an Outperform rating after speaking with management. The firm said Williams is well-positioned to benefit from rising natural gas and electricity demand. RBC also noted that the company has limited direct exposure to commodity price swings, while structurally higher energy prices could still support long-term infrastructure demand.
The Williams Companies, Inc. operates natural gas infrastructure assets across the United States.
7. ONEOK, Inc. (NYSE:OKE)
On April 28, 2026, ONEOK, Inc. (NYSE:OKE) reported first-quarter EPS of $1.23, missing consensus estimates of $1.32, while adjusted EBITDA rose to $1.997 billion from $1.775 billion a year earlier. CEO Pierce Norton said the quarter reflected year-over-year volume growth and continued operational execution across ONEOK’s integrated asset base. He added that strong performance across multiple segments and a constructive market backdrop are improving the company’s outlook for the rest of the year.
ONEOK raised its 2026 net income guidance to a range of $3.21 billion to $3.79 billion. The company also increased adjusted EBITDA guidance to $8.0 billion to $8.5 billion while keeping capital spending guidance unchanged at approximately $2.7 billion to $3.2 billion.
On April 13, 2026, Scotiabank raised its price target on ONEOK, Inc. to $92 from $91 and maintained an Outperform rating. The firm said higher commodity prices are having a more muted effect on fiscal 2026 earnings than expected and added that upstream development activity is still likely to remain stable this year.
Earlier in April, Morgan Stanley raised its price target on ONEOK, Inc. to $113 from $104 while maintaining an Overweight rating as part of its broader North American midstream and renewable infrastructure update.
ONEOK, Inc. provides gathering, processing, fractionation, transportation, storage, and marine export services across the U.S. energy infrastructure market.
6. Targa Resources Corp. (NYSE:TRGP)
On April 22, 2026, Morgan Stanley named Targa Resources Corp. (NYSE:TRGP) its top pick in the midstream energy infrastructure space. The firm said associated gas production in the Permian Basin could accelerate faster than the market expects as new pipeline takeaway projects come online in the second half of 2026. Morgan Stanley maintained an Overweight rating and a $327 price target on the shares.
On April 20, 2026, Goldman Sachs analyst John Mackay raised his price target on Targa Resources Corp. to $268 from $242 while keeping a Buy rating. The firm said the sector has outperformed this year due to investor rotation into energy stocks and disruptions tied to Middle East tensions. Goldman added that rising U.S. natural gas demand from LNG exports and data center power needs, along with potential upside in Permian-related gas and water activity, remain key tailwinds.
Earlier in the month, Targa Resources Corp. raised its quarterly dividend to $1.25 per share from $1.00. The dividend is scheduled to be paid on May 15, 2026, to shareholders of record as of April 30.
Targa Resources Corp. owns, operates, acquires, and develops energy infrastructure assets across North America.
5. TC Energy Corporation (NYSE:TRP)
On April 23, 2026, CIBC upgraded TC Energy Corporation (NYSE:TRP) to Outperformer from Neutral and raised its price target to C$89 from C$85 as part of its first-quarter energy infrastructure preview. The firm said Q1 could be an unusual period where market sentiment diverges from reported results due to the Iran conflict and its impact on commodity prices. CIBC added that the situation could drive long-term demand for North American infrastructure as customers look to reduce reliance on the Strait of Hormuz. The upgrade also reflected stronger expected returns from TC Energy’s recent projects.
On April 19, 2026, Goldman Sachs upgraded TC Energy Corporation to Neutral from Sell and assigned a $62 price target. The firm said TC Energy has successfully transitioned into a pure-play natural gas and power infrastructure company following the spin-off of South Bow. Goldman said the company now offers a more utility-like risk profile that looks increasingly attractive in a volatile macro environment.
Earlier in April, Morgan Stanley raised its price target on TC Energy Corporation to C$101 from C$93 while maintaining an Overweight rating. The firm said investors have started reassessing earnings estimates for midstream companies as the sector gains more attention amid heightened geopolitical tensions.
TC Energy Corporation operates natural gas, power, and energy infrastructure assets across Canada, the United States, and Mexico.
4. NextEra Energy, Inc. (NYSE:NEE)
On April 24, 2026, BTIG analyst Alex Kania raised his price target on NextEra Energy, Inc. (NYSE:NEE) to $112 from $103 and maintained a Buy rating. The firm said the company’s first-quarter results topped expectations, but the bigger takeaway was that NextEra remains one of the best-positioned utilities to benefit from rising electricity demand tied to large-load customers. BTIG noted that the data center backlog at NextEra Energy Resources expanded, its renewable development pipeline grew by a record amount in the quarter, and opportunities to extract more value from its existing portfolio are becoming clearer.
Wells Fargo also raised its price target on NextEra Energy, Inc. to $102 from $99 while maintaining an Overweight rating following quarterly results. The firm said long-term thematic tailwinds continue to drive the story, even if the earnings impact will take longer to fully materialize. Wells added that the quarter included several constructive long-term signals and does not alter its bullish thesis.
On April 23, 2026, NextEra reported adjusted EPS of $1.04, beating consensus estimates of 97 cents, while revenue of $6.70 billion came in below expectations of $7.27 billion. CEO John Ketchum said the company is off to a strong start to the year, with adjusted EPS rising 10% year over year. He said rising electricity demand continues to support strong performance across Florida Power & Light and NextEra Energy Resources, adding that the company’s national footprint, broad energy infrastructure capabilities, and long-term contracted business model position it well for growing power demand. NextEra reaffirmed its fiscal 2026 adjusted EPS guidance of $3.93 to $4.02, compared with consensus estimates of $4.01.
NextEra Energy, Inc. generates, stores, transmits, distributes, and sells electricity across North America.
3. Duke Energy Corporation (NYSE:DUK)
On April 23, 2026, the U.S. Nuclear Regulatory Commission renewed the operating license for Duke Energy Corporation’s H.B. Robinson Nuclear Plant for an additional 20 years, extending the facility’s operating life through 2050. Duke said the plant generates enough electricity to power roughly 570,000 homes.
On April 21, 2026, Morgan Stanley lowered its price target on Duke Energy Corporation (NYSE:DUK) to $141 from $142 while maintaining an Overweight rating. The firm said it was updating price targets across its regulated and diversified utility coverage after utilities outperformed the broader S&P 500 in March.
On April 20, 2026, Truist analyst Richard Sunderland initiated coverage of Duke Energy Corporation with a Buy rating and a $142 price target. The firm said vertically integrated utilities are among the biggest beneficiaries of rising electricity demand tied to data centers, calling them “clear winners” in building out the infrastructure needed to support load growth.
Duke Energy Corporation operates electric and natural gas infrastructure businesses across the United States through its utility and energy infrastructure segments.
2. American Tower Corporation (NYSE:AMT)
On April 28, 2026, American Tower Corporation (NYSE:AMT) reported first-quarter AFFO of $2.84 per share, well above consensus estimates of $2.50, while revenue rose to $2.74 billion from expectations of $2.65 billion. CEO Steve Vondran said the company got off to a strong start in 2026, citing long-term demand drivers such as rising mobile data usage, faster cloud adoption, and growing AI-related workloads that continue to support investment in digital infrastructure.
American Tower also raised its full-year outlook, projecting fiscal 2026 AFFO of $10.90 to $11.07 per share, above consensus estimates of $10.87. The company expects revenue of $10.59 billion to $10.74 billion, compared with analyst expectations of $10.8 billion.
On April 15, 2026, Mizuho upgraded American Tower Corporation to Outperform from Neutral and raised its price target to $205 from $189. The firm noted that the stock had fallen 19% over the past year while REITs gained roughly 10%, and said several negatives already appear priced in. Mizuho also pointed to improving domestic and international tower fundamentals and said the company’s data center business remains materially undervalued with multiple paths to unlock value.
American Tower Corporation is one of the world’s largest REITs and owns, operates, and develops communications infrastructure leased to wireless carriers, broadcasters, government agencies, and other tenants.
1. Union Pacific Corporation (NYSE:UNP)
On April 24, 2026, Raymond James raised its price target on Union Pacific Corporation (NYSE:UNP) to $310 from $285 and maintained a Strong Buy rating. The firm said Union Pacific’s renewed focus on service improvements and network efficiency should drive higher profitability and reliability through better asset utilization and tighter operational execution. Raymond James also said the proposed acquisition of Norfolk Southern could be transformative for the broader U.S. rail industry by boosting volumes, pricing power, and earnings.
That same day, Benchmark raised its price target on Union Pacific Corporation to $300 from $275 and maintained a Buy rating. The firm said first-quarter earnings topped expectations despite a slight revenue miss, as lower-than-expected expenses reflected productivity gains that allowed the railroad to operate efficiently with fewer employees and locomotives. Benchmark added that business wins, operational leverage, and efficiency improvements leave Union Pacific well-positioned for an eventual macro recovery.
On April 23, 2026, Union Pacific reported adjusted EPS of $2.93, ahead of consensus estimates of $2.86, while revenue of $6.22 billion narrowly topped expectations of $6.21 billion. CEO Jim Vena said the company continued to improve safety, service, and operational performance during the quarter, while advancing through the regulatory process to create what he called America’s first transcontinental railroad. Union Pacific also reaffirmed its 2026 outlook, calling for mid-single-digit earnings growth, continued operating ratio improvement, strong cash generation, and $3.3 billion in capital spending, alongside consistent annual dividend increases.
Union Pacific Corporation, through Union Pacific Railroad Company, operates one of the largest freight rail networks in the United States.
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