As previously reported, Piper Sandler upgraded ProPetro Holding (PUMP) to Overweight from Neutral with a price target of $16, up from $6. It’s been quite the earnings season with Power Services commanding most of the headlines, the firm says. For ProPetro, management announced contracted capacity of over 150MW, including 60MW for an AI data center, plus expansion targets of 750MW by year-end 2028 and 1GW or greater by 2030. Importantly, management stressed it is commanding similar long-term contracts at $300k annualized EBITDA/MW in both AI data centers and O&G. Even after ProPetro doubled, Piper’s valuation upside is too hard to ignore.
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