As previously reported, Morgan Stanley downgraded ProFrac Holding to Underweight from Equal Weight with a price target of $6.50, down from $7. The firm sees outsized North American completions revisions risk, especially in sand, and more attractive risk-reward opportunities elsewhere at this time, the analyst tells investors. For the Energy Services & Equipment space more broadly, the analyst contends that 2025 expectations have the most potential to drive relative near-term stock performance versus second half results, as the range of potential outcomes for O&G and OFSE markets is “particularly wide” at the moment.
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