ProPetro Holding price target lowered to $8 from $11 at Barclays

Barclays analyst Eddie Kim lowered the firm’s price target on ProPetro Holding (PUMP) to $8 from $11 and keeps an Overweight rating on the shares. Despite strong Q1 results, ProPetro pointed to potential challenges ahead, guiding to a slightly lower active fleet count in Q2 and noting that the industry-wide Permian fleet count could be down 10%-15% in June, the analyst tells investors in a research note.