BofA lowered the firm’s price target on Liberty Energy (LBRT) to $18 from $21.50 and keeps a Neutral rating on the shares. Pricing pressure in frac has now spread to Tier 1 Pumpers and equipment, as evident in Liberty’s acknowledgement of “slowing activity pressuring pricing inconsistent with (it’s) expected future demand,” the analyst tells investors. The firm believes realized pricing for Liberty is likely to further weaken before it gets better, the analyst added.
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