Citi upgraded Liberty Energy to Buy from Neutral with a price target of $32, up from $24. Liberty has been an outperformer within oilfield services over the past year as fears toward margin compression proved overblown, but the stock’s 2025 EBITDA multiple still fails to fully capture an improving outlook, the analyst tells investors in a research note. The firm says expanding power and export demand for natural gas supports 20-35 frac fleets returning to service over the next few years, ending the recent market decline. Liberty’s investment in efrac is creating separation from peers creating better stability to its base business, adds Citi.
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