Stifel lowered the firm’s price target on ProFrac Holding to $10 from $12 and keeps a Buy rating on the shares after the company delivered “lackluster” Q4 results due to a larger-than-anticipated impact from seasonality and softness in completion activity in the second half of 2023. The company is activating 10 fleets after idling 20 last year, and management noted it is giving price concessions and seeking to regain market share, which the firm views as negative for the industry after it had been disciplined during the rough patch over the last four to five quarters, the analyst tells investors.
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