Stifel analyst Stephen Gengaro downgraded ProFrac Holding to Hold from Buy with an unchanged price target of $7. The firm reduced second half of 2024 and 2025 U.S. activity assumptions, modestly scaling back 2025 international growth expectations, and reducing estimates for oilfield services companies. It is now projecting about flat U.S. activity through 2025, and sees limited near-term catalysts for stocks. Stifel cites its tempered outlook for U.S. land activity for the downgrade of ProFrac and believes the company’s high leverage relative to peers remains an investor concern and is likely a headwind for the stock’s valuation.