BofA downgraded ProFrac Holding (ACDC) to Underperform from Neutral with a price target of $6.50, down from $7.50. The firm cites near/medium-term earnings risk, high leverage and an “expensive valuation” after the stock doubling over the past seven weeks. Despite this week’s oil-led weakness, ProFrac is up 98% since April 30, far outperforming U.S. Completions-levered oilfield services stocks, the analyst noted.
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