ProFrac Holding price target lowered to $18 from $22 at Stifel

Stifel lowered the firm’s price target on ProFrac Holding to $18 from $22 and keeps a Buy rating on the shares. The firm is cutting near-term estimates on U.S. pressure pumpers due to the recent decline in drilling and completion activity as well as commentary from management teams and modestly lower spot pricing, the analyst tells investors. Furthermore, Stifel believes activity will plateau around current levels for the second half of 2023 and will rise in 2024.