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.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on ACDC: