Citi lowered the firm’s price target on Liberty Energy (LBRT) to $13.50 from $16 and keeps a Neutral rating on the shares. The company reported a strong start to the year, with the solid Q1 results supported by high utilization rates, the analyst tells investors in a research note. However, Citi says Liberty’s buybacks are likely on pause as capex rises and working capital likely turns to a headwind.
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