Goldman Sachs analyst Ati Modak downgraded Atlas Energy (AESI) to Sell from Neutral with a price target of $8, down from $12. The firm remains cautious about the company’s 2026 with lower sand prices y/y in the $18-19 per ton range, a small improvement in volumes y/y with about 21.7M tons driven by market share gains in a challenging backdrop vs 21.2M tons in 2025, and challenging logistics profitability for Atlas, resulting in Goldman’s EBITDA estimates being about 10% below consensus, the analyst tells investors in a research note.
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