Liberty Energy price target lowered to $24 from $25 at Wells Fargo

Wells Fargo lowered the firm’s price target on Liberty Energy to $24 from $25 and keeps an Overweight rating on the shares. The firm remains positive on Liberty Energy’s free cash flow trajectory and steady activity levels. Pre-dividend/share repo free cash flow implies attractive 13% and 16% free cash flow yields in 2024 and 2025, respectively, Wells adds.