Piper Sandler raised the firm’s price target on National Energy Services (NESR) to $19 from $15 and keeps an Overweight rating on the shares. The firm says it was an encouraging set-up heading into the quarter with the transformational multi-year multi-billion Jafurah frac award announced at the end of October. This award puts NESR on a path towards $2B topline revenue, which it expects to reach on an annualized basis by the end of 2026. With management expecting to maintain its 21%-22% EBITDA margin range, this implies EBITDA of $430M in 2027, a significant step up from $280M in 2025, Piper adds.
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