Liberty Energy price target lowered to $24 from $26 at RBC Capital

RBC Capital lowered the firm’s price target on Liberty Energy (LBRT) to $24 from $26 and keeps an Outperform rating on the shares after its Q4 results. The company aims to capture a piece of what it views as a high-growth market, while diversifying from its oil & gas based fracturing operations, and on the earnings call, Liberty noted that LPI could rival its fracturing business in size, which would require significant capex and likely additional liquidity, the analyst tells investors in a research note. RBC adds it is cutting its FY25 EBITDA outlook to $723M from $766M following the update.