Smart Sand price target lowered to $2 from $2.50 at Piper Sandler

Piper Sandler analyst Luke Lemoine lowered the firm’s price target on Smart Sand to $2 from $2.50 and keeps a Neutral rating on the shares after updating the firm’s estimates to slow the pace of the Blair ramp and “dial back” its FY23 and FY24 EBITDA forecasts. Q2 looks like it “generally seems to be shaping up as expected,” said Piper, which is anticipating daily frac starts to be down about 5% to 7% quarter-over-quarter based on initial Rystad frac start data.