ProPetro Holding initiated with a Buy at BofA on completions recovery

As previously reported, BofA analyst Saurabh Pant initiated coverage of ProPetro Holding (PUMP) with a Buy rating and $18 price target The company is “in a sweet spot” with cyclical upside in the completions segment seen in 2027 and an inflection upcoming in its new PROPWR power business, the analyst tells investors. The firm is forecasting adjusted EBITDA to evolve to 61% and 39% from Completions and Power, respectively, by 2030 from 100% Completions right now, the analyst noted. The firm notes that its FY27 and FY28 adjusted EBITDA estimates of $365M and $520M are 25% and 41% above consensus, respectively, led by Completions recovery.