Barclays analyst Eddie Kim downgraded Atlas Energy (AESI) to Equal Weight from Overweight with a price target of $19, down from $23. While the company’s 42-mile Dune Express conveyor system is a “clear differentiator in arguably one of the most commoditized markets” in all of energy services, proppant, the EBITDA uplift in 2025 following the Dune Express coming online in Q4 is lower than previously expected based on Q3 actuals, the company’s Q4 guidance and management’s commentary on ton expectations next year, the analyst tells investors in a research note. Due to this, the firm arrives at a $19 price target which represents 14% downside potential from current levels.
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