Positive Outlook on Kodiak Gas Services, Inc.: Buy Rating with Increased Target Price and Strong EBITDA Growth ProjectionsWe are lifting our $48 (from $41), reflecting increased FCF estimates driven by ongoing pricing tailwinds. We continue to see a multi- year runway for further price increases across the fleet. Specifically, current spot prices are >20% above the current fleet average and likely much higher relative to contracts that are set to reprice in 2025 (those signed in 2021-2022 when fleet averages were <$20/hp/month). As such, we view the $700mm midpoint of Kodiak’s preliminary EBITDA guidance, which implies ~4% growth vs the 3Q24 run-rate, as increasingly conservative. We expect to receive formal guidance with earnings and would not be surprised to see the midpoint move higher. We’ll also be paying attention to capex guidance with earnings – we model ~$300mm total capex for the year with KGS adding ~160k HP.