ProFrac Holding price target lowered to $5 from $6 at Piper Sandler

Piper Sandler analyst Derek Podhaizer lowered the firm’s price target on ProFrac Holding (ACDC) to $5 from $6 and keeps a Neutral rating on the shares. The industry has been navigating a challenging macro backdrop ever since April 2nd/ Liberation Day, which cast significant uncertainty across the group. Recently, over the past six weeks, both oil and gas activity have bounced off the bottom, in a potential signal that the worst may be behind them, causing investors to begin thinking about the possible shape of recovery. However, with WTI recently falling below $60/b amid renewed supply and demand concerns, Piper expects the challenging macro backdrop to once again set the tone for earnings season as expectations for further activity cuts creep back in. Under this scenario, the firm continues to favor the more longer-cycle/production focused defensive names or those with idiosyncratic tailwinds and continues to be cautious with U.S. Land names, believing upside is more of a Q2 2026 event.