Citi analyst Scott Gruber upgraded ProPetro Holding (PUMP) to Buy from Neutral with a price target of $16, up from $12. The firm expects improving Permian completions to drive upside to the company’s Q1 estimates. Frac, frac sand and sand logistics pricing is also likely to improve from the current “trough levels,” the analyst tells investors in a research note. Citi believes ProPetro’s emerging power segment offers leverage to a “secular growth theme.”
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