Wells Fargo downgraded Liberty Energy (LBRT) to Equal Weight from Overweight with a price target of $11, down from $20. OPEC+ production increase oil price decline risk is real, the firm says. Risk/reward, L48 vs international positioning and valuation favor large cap diversifieds, in Wells’ view. The firm expects that steady decreases in E&P spending intensity amid continued efficiency improvements will likely weigh on pricing power for frac and other services and equipment.
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